EX-99.2

EX-99.2 3 pgre-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2


		FORWARD-LOOKING STATEMENTS

This supplemental information contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms; dependence on tenants’ financial condition; the risk we may lose a major tenant or that a major tenant may be adversely impacted by market and economic conditions, including rising inflation and interest rates; trends in the office real estate industry including telecommuting, flexible work schedules, open workplaces and teleconferencing; the uncertainties of real estate development, acquisition and disposition activity; the ability to effectively integrate acquisitions; fluctuations in interest rates and the costs and availability of financing; the ability of our joint venture partners to satisfy their obligations; the effects of local, national and international economic and market conditions and the impact of rising inflation and interest rates on such market conditions; the effects of acquisitions, dispositions and possible impairment charges on our operating results; the negative impact of any future pandemic, endemic or outbreak of infectious disease on the U.S., regional and global economies and our tenants’ financial condition and results of operations; regulatory changes, including changes to tax laws and regulations; and other risks and uncertainties detailed from time to time in our filings with the U.S. Securities and Exchange Commission. We do not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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		TABLE OF CONTENTS


		Page
Company Profile		4

Research Coverage		5

Selected Financial Information
	Guidance	6
	Financial Highlights	7
	Consolidated Balance Sheets	8
	Consolidated Statements of Income	9
	Select Income Statement Data	10
	Funds From Operations ("FFO")	11
	Funds Available for Distribution ("FAD")	12
	Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")	13
	Net Operating Income ("NOI")	14 - 16
	Same Store Results	17 - 20
	Consolidated Joint Ventures	21 - 26
	Unconsolidated Joint Ventures	27 - 32
	Real Estate Related Funds	33 - 38
	Capital Structure	39
	Debt Analysis	40
	Debt Maturities	41

Selected Property Data
	Portfolio Summary	42 - 43
	Same Store Leased Occupancy	44 - 45
	Top Tenants and Industry Diversification	46
	Leasing Activity	47 - 48
	Lease Expirations	49 - 51
	Cash Basis Capital Expenditures	52 - 53


Definitions		54 - 55

- 3 -


		COMPANY PROFILE

Paramount Group, Inc. ("Paramount" or the "Company") is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.

MANAGEMENT


Albert Behler	Chairman, Chief Executive Officer and President
Wilbur Paes	Chief Operating Officer, Chief Financial Officer and Treasurer
Peter Brindley	Executive Vice President, Head of Real Estate
Gage Johnson	Senior Vice President, General Counsel and Secretary
Ermelinda Berberi	Senior Vice President, Chief Accounting Officer

BOARD OF DIRECTORS


Albert Behler	Director, Chairman of the Board
Thomas Armbrust	Director
Martin Bussmann	Director, Lead Independent Director, Chair of Nominating and Corporate Governance Committee
Karin Klein	Director
Peter Linneman	Director, Chair of Audit Committee
Katharina Otto-Bernstein	Director
Mark Patterson	Director
Hitoshi Saito	Director
Paula Sutter	Director
Greg Wright	Director, Chair of Compensation Committee

COMPANY INFORMATION


Corporate Headquarters	Investor Relations	Stock Exchange Listing	Trading Symbol
1633 Broadway, Suite 1801	IR@pgre.com	New York Stock Exchange	PGRE
New York, NY 10019	(212) 492-2298
(212) 237-3100

- 4 -


		RESEARCH COVERAGE (1)


Camille Bonnel	Thomas Catherwood	Steve Sakwa
Bank of America Merrill Lynch	BTIG	Evercore ISI
(646) 855-5042	(212) 738-6140	(212) 446-9462
camille.bonnel@bofa.com	tcatherwood@btig.com	steve.sakwa@evercoreisi.com

Dylan Burzinski	Vikram Malhotra	Ronald Kamdem
Green Street Advisors	Mizuho Securities USA Inc.	Morgan Stanley
(949) 640-8780	(212) 282-3827	(212) 296-8319
dburzinski@greenstreet.com	vikram.malhotra@mizuhogroup.com	ronald.kamdem@morganstanley.com

Blaine Heck	Andrew Rosivach
Wells Fargo	Wolfe Research
(443) 263-6529	(646) 582-9250
blaine.heck@wellsfargo.com	arosivach@wolferesearch.com

(1)

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed above are those analysts that, according to First Call Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by such analysts do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not, by its reference above, imply its endorsement of or concurrence with any information, conclusions or recommendations made by any such analysts.

- 5 -


		GUIDANCE

(unaudited and in thousands, except square feet, % and per share amounts)


				Full Year 2023
(Amounts per diluted share)				Low			High
			Estimated net loss attributable to common stockholders	$	(0.28	)	$	(0.24	)
			Our share of real estate depreciation and amortization		1.01			1.01
			Our share of non-cash real estate impairment loss related to an unconsolidated joint venture		0.11			0.11
			Estimated Core FFO (1)(2)	$	0.84		$	0.88

	Operating Assumptions:
		Leasing Activity (square feet)			600,000			900,000
		PGRE's share of Same Store Leased % (2) at year end			89.2	%		90.2	%
		Decrease in PGRE's share of Same Store Cash NOI (2)			(6.1	%)		(4.1	%)
		Decrease in PGRE's share of Same Store NOI (2)			(4.7	%)		(2.7	%)

	Financial Assumptions (at share):
		Estimated net loss		$	(64,300	)	$	(55,300	)
			Depreciation and amortization		235,000			235,000
			General and administrative expenses		61,000			59,000
			Interest and debt expense, including amortization of deferred financing costs		147,000			145,000
			Fee and other income, net of income taxes		(30,500	)		(31,500	)
			Our share of non-cash real estate impairment loss related to an unconsolidated joint venture		24,800			24,800
		NOI (2)			373,000			377,000
			Straight-line rent adjustments and above and below-market lease revenue, net		(5,500	)		(6,500	)
		Cash NOI (2)		$	367,500		$	370,500


Reconciliation from Prior Assumptions/Guidance:			Financial Assumptions							Operating Assumptions
			NOI (2)				FFO (2) per share			Same Store Leased % (2)			Same Store Cash NOI (2) Growth			Same Store NOI (2) Growth
	Midpoint of assumptions/guidance in Q1		$	389,000			$	0.92			91.3	%		(4.0	%)		(2.0	%)
		Impact of space surrendered/terminated by JPMorgan/SVB Securities		(19,600	)	(3)		(0.08	)		(0.6	%)		(0.8	%)		(1.4	%)
		Impact of a tenant's lease termination at 1633 Broadway		5,600				0.02			(1.0	%)		(0.3	%)		(0.3	%)
	Midpoint of assumptions/guidance in Q2		$	375,000			$	0.86			89.7	%		(5.1	%)		(3.7	%)

(1)

We are updating our Estimated Core FFO Guidance for the full year of 2023, which is reconciled above to estimated net loss attributable to common stockholders per diluted share in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission (“SEC”). Except as described above, these estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in our earnings release issued on July 31, 2023 and otherwise to be referenced during our conference call scheduled for August 1, 2023. These estimates do not include the impact on operating results from possible future property acquisitions or dispositions, or realized and unrealized gains and losses on real estate related fund investments. There can be no assurance that our actual results will not differ materially from the estimates set forth above.

(2)

See page 54 for our definition of this measure.

(3)

Comprised of (i) non-cash straight-line rent receivable write-offs aggregating $13.9 million, and (ii) lower rental revenue in the second half of the year aggregating $5.7 million, as disclosed in our Form 8-K that was filed with the SEC on July 7, 2023.

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		FINANCIAL HIGHLIGHTS

(unaudited and in thousands, except per share amounts)


			Three Months Ended								Six Months Ended
SELECTED FINANCIAL DATA			June 30, 2023			June 30, 2022			March 31, 2023		June 30, 2023			June 30, 2022
	Net (loss) income attributable to common stockholders		$	(47,538	)	$	(360	)	$	1,729	$	(45,809	)	$	3,011
		Per share - basic and diluted	$	(0.22	)	$	(0.00	)	$	0.01	$	(0.21	)	$	0.01

	Core FFO attributable to common stockholders (1)		$	38,666		$	53,633		$	56,174	$	94,840		$	108,211
		Per share - diluted	$	0.18		$	0.24		$	0.26	$	0.44		$	0.49

	PGRE's share of Cash NOI (1)		$	92,897		$	95,516		$	94,615	$	187,512		$	191,734
	PGRE's share of NOI (1)		$	84,764		$	101,518		$	101,277	$	186,041		$	197,466


Same Store Cash NOI (1)	% Change			Same Store NOI (1)	% Change
Three Months Ended June 30, 2023 vs. June 30, 2022		(4.7	%)	Three Months Ended June 30, 2023 vs. June 30, 2022		(5.0	%)
Six Months Ended June 30, 2023 vs. June 30, 2022		(2.3	%)	Six Months Ended June 30, 2023 vs. June 30, 2022		0.9	%

PORTFOLIO STATISTICS (at PGRE's Share)


	As of
	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Leased % (1)		89.6	%		89.8	%		91.3	%		91.4	%		91.4	%


Same Store Leased % (1)	% Change			Same Store Leased % (1)	% Change
June 30, 2023 vs. March 31, 2023		(0.2	%)	June 30, 2023 vs. June 30, 2022		(1.8	%)
June 30, 2023 vs. December 31, 2022		(1.7	%)

COMMON SHARE DATA


		Three Months Ended
Share Price:		June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
	High	$	4.92		$	6.74		$	6.86		$	7.95		$	11.04
	Low	$	4.10		$	3.90		$	5.48		$	6.00		$	7.08
	Closing (end of period)	$	4.43		$	4.56		$	5.94		$	6.23		$	7.23

Dividends per common share		$	0.035		$	0.0775		$	0.0775		$	0.0775		$	0.0775
Annualized dividends per common share		$	0.14		$	0.31		$	0.31		$	0.31		$	0.31
Dividend yield (on closing share price)			3.2	%		6.8	%		5.2	%		5.0	%		4.3	%

(1)

See page 54 for our definition of this measure.

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		CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)


			June 30, 2023			December 31, 2022
Assets:
	Real estate, at cost:
		Land	$	1,966,237		$	1,966,237
		Buildings and improvements		6,199,074			6,177,540
				8,165,311			8,143,777
		Accumulated depreciation and amortization		(1,377,917	)		(1,297,553	)
	Real estate, net			6,787,394			6,846,224
	Cash and cash equivalents			434,751			408,905
	Restricted cash			72,680			40,912
	Accounts and other receivables			13,692			23,866
	Real estate related fund investments			66,606			105,369
	Investments in unconsolidated real estate related funds			5,270			3,411
	Investments in unconsolidated joint ventures			398,677			393,503
	Deferred rent receivable			346,583			346,338
	Deferred charges, net			113,271			120,685
	Intangible assets, net			79,558			90,381
	Other assets			49,497			73,660
Total assets			$	8,367,979		$	8,453,254

Liabilities:
	Notes and mortgages payable, net		$	3,842,669		$	3,840,318
	Revolving credit facility			-			-
	Accounts payable and accrued expenses			113,449			123,176
	Dividends and distributions payable			8,188			18,026
	Intangible liabilities, net			31,960			36,193
	Other liabilities			23,700			24,775
Total liabilities				4,019,966			4,042,488

Equity:
	Paramount Group, Inc. equity			3,507,480			3,592,291
	Noncontrolling interests in:
		Consolidated joint ventures		407,647			402,118
		Consolidated real estate related funds		183,988			173,375
		Operating Partnership		248,898			242,982
Total equity				4,348,013			4,410,766

Total liabilities and equity			$	8,367,979		$	8,453,254

- 8 -


		CONSOLIDATED STATEMENTS OF INCOME

(unaudited and in thousands, except per share amounts)


		Three Months Ended										Six Months Ended
		June 30, 2023				June 30, 2022			March 31, 2023			June 30, 2023				June 30, 2022
Revenues:
	Rental revenue (1)	$	165,506			$	177,243		$	181,713		$	347,219			$	347,165
	Fee and other income (1)		7,156				8,274			6,761			13,917				22,037
Total revenues			172,662				185,517			188,474			361,136				369,202

Expenses:
	Operating		71,078				67,814			70,309			141,387				134,475
	Depreciation and amortization		62,627				57,398			58,888			121,515				113,022
	General and administrative		16,224				16,706			14,623			30,847				32,351
	Transaction related costs		63				159			128			191				276
Total expenses			149,992				142,077			143,948			293,940				280,124

Other income (expense):
	(Loss) income from real estate related fund investments		(42,644	)	(2)		-			3,550			(39,094	)	(2)		-
	Income (loss) from unconsolidated real estate related funds		32				155			(178	)		(146	)			325
	Loss from unconsolidated joint ventures		(28,402	)	(3)		(4,416	)		(5,762	)		(34,164	)	(3)		(9,529	)
	Interest and other income, net		2,967				796			2,925			5,892				1,027
	Interest and debt expense (1)		(36,879	)			(35,578	)		(36,459	)		(73,338	)			(69,855	)
(Loss) income before income taxes			(82,256	)			4,397			8,602			(73,654	)			11,046
	Income tax expense		(573	)			(359	)		(288	)		(861	)			(886	)
Net (loss) income			(82,829	)			4,038			8,314			(74,515	)			10,160
Less net (income) loss attributable to noncontrolling interests in:
	Consolidated joint ventures		(5,351	)			(4,779	)		(5,641	)		(10,992	)			(8,204	)
	Consolidated real estate related funds		37,301				352			(823	)		36,478				1,368
	Operating Partnership		3,341				29			(121	)		3,220				(313	)
Net (loss) income attributable to common stockholders		$	(47,538	)		$	(360	)	$	1,729		$	(45,809	)		$	3,011
	Per diluted share	$	(0.22	)		$	(0.00	)	$	0.01		$	(0.21	)		$	0.01

(1)

See page 10 for details.

(2)

Includes an unrealized loss on a mezzanine loan investment held by Paramount Group Real Estate Fund X, LP (“Fund X”). See pages 35 and 37 for details.

(3)

Includes our share of a non-cash real estate impairment loss related to 60 Wall Street. See pages 29 and 31 for details.

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		SELECT INCOME STATEMENT DATA

(unaudited and in thousands)


		Three Months Ended								Six Months Ended
Rental Revenue:		June 30, 2023				June 30, 2022		March 31, 2023		June 30, 2023			June 30, 2022
	Property rentals	$	156,015			$	158,519	$	158,463	$	314,478		$	315,441
	Tenant reimbursements		13,270				12,462		14,458		27,728			24,994
	Straight-line rent adjustments		(7,511	)	(1)		5,790		7,756		245	(1)		4,001
	Amortization of above and below-market leases, net		1,448				315		1,036		2,484			673
	Lease termination income		2,284				157		-		2,284			2,056
Total rental revenue		$	165,506			$	177,243	$	181,713	$	347,219		$	347,165

(1)

Includes non-cash straight-line rent receivable write-offs aggregating $13,906 comprised of (i) a $7,343 write-off related to the surrendered JPMorgan space and (ii) a $6,563 write-off related to the terminated SVB Securities lease.


			Three Months Ended						Six Months Ended
Fee and Other Income:			June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
	Asset management		$	2,326	$	3,087	$	2,175	$	4,501	$	5,972
	Property management			1,831		2,103		1,862		3,693		4,322
	Acquisition, disposition, leasing and other			819		784		520		1,339		7,668
	Total fee income			4,976		5,974		4,557		9,533		17,962
	Other (primarily parking income and tenant requested services,
		including cleaning and overtime heating and cooling)		2,180		2,300		2,204		4,384		4,075
Total fee and other income			$	7,156	$	8,274	$	6,761	$	13,917	$	22,037


		Three Months Ended						Six Months Ended
Interest and Debt Expense:		June 30, 2023		June 30, 2022		March 31, 2023		June 30, 2023		June 30, 2022
	Interest expense	$	35,340	$	34,039	$	34,921	$	70,261	$	66,778
	Amortization of deferred financing costs		1,539		1,539		1,538		3,077		3,077
Total interest and debt expense		$	36,879	$	35,578	$	36,459	$	73,338	$	69,855

- 10 -


		FFO

(unaudited and in thousands, except share and per share amounts)


			Three Months Ended									Six Months Ended
			June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2023			June 30, 2022
Reconciliation of net (loss) income to FFO and Core FFO:
	Net (loss) income		$	(82,829	)	$	4,038		$	8,314		$	(74,515	)	$	10,160
	Real estate depreciation and amortization (including our share of
		unconsolidated joint ventures)		72,096			67,235			68,431			140,527			133,060
	Our share of non-cash real estate impairment loss related to an unconsolidated joint venture			24,734			-			-			24,734			-
	FFO (1)			14,001			71,273			76,745			90,746			143,220
	Less FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(14,889	)		(13,945	)		(15,175	)		(30,064	)		(26,460	)
		Consolidated real estate related funds		37,295			346			(830	)		36,465			1,355
	FFO attributable to Paramount Group Operating Partnership			36,407			57,674			60,740			97,147			118,115
	Less FFO attributable to noncontrolling interests in Operating Partnership			(2,390	)		(4,352	)		(3,961	)		(6,351	)		(9,920	)
	FFO attributable to common stockholders (1)		$	34,017		$	53,322		$	56,779		$	90,796		$	108,195
	Per diluted share		$	0.16		$	0.24		$	0.26		$	0.42		$	0.49

	FFO		$	14,001		$	71,273		$	76,745		$	90,746		$	143,220
	Non-core items:
		Adjustments to equity in earnings for (distributions from) contributions to unconsolidated joint ventures		(1,301	)		168			(1,322	)		(2,623	)		(415	)
		Adjustments for realized and unrealized gains and losses on consolidated and unconsolidated real estate related fund investments		45,686			(29	)		1,335			47,021			18
		Other, net (including after-tax net gains or losses on sale of residential condominium units at One Steuart Lane)		659			671			2,537			3,196			2,050
	Core FFO (1)			59,045			72,083			79,295			138,340			144,873
	Less Core FFO attributable to noncontrolling interests in:
		Consolidated joint ventures		(14,889	)		(13,945	)		(15,175	)		(30,064	)		(26,460	)
		Consolidated real estate related funds		(2,773	)		(128	)		(4,027	)		(6,800	)		(287	)
	Core FFO attributable to Paramount Group Operating Partnership			41,383			58,010			60,093			101,476			118,126
	Less Core FFO attributable to noncontrolling interests in Operating Partnership			(2,717	)		(4,377	)		(3,919	)		(6,636	)		(9,915	)
	Core FFO attributable to common stockholders (1)		$	38,666		$	53,633		$	56,174		$	94,840		$	108,211
	Per diluted share		$	0.18		$	0.24		$	0.26		$	0.44		$	0.49

Reconciliation of weighted average shares outstanding:
	Weighted average shares outstanding			217,003,931			222,971,886			216,563,108			216,784,737			220,888,664
	Effect of dilutive securities			11,089			26,594			53,912			31,669			41,355
	Denominator for FFO and Core FFO per diluted share			217,015,020			222,998,480			216,617,020			216,816,406			220,930,019

(1)

See page 54 for our definition of this measure.

- 11 -


		FAD

(unaudited and in thousands)


				Three Months Ended									Six Months Ended
				June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2023			June 30, 2022
Reconciliation of Core FFO to FAD:
	Core FFO			$	59,045		$	72,083		$	79,295		$	138,340		$	144,873
	Add (subtract) adjustments (including our share of unconsolidated joint ventures) to arrive at FAD:
		Straight-line rent adjustments			7,515			(5,977	)		(7,691	)		(176	)		(4,319	)
		Amortization of above and below-market leases, net			(2,239	)		(1,128	)		(1,838	)		(4,077	)		(2,325	)
		Amortization of deferred financing costs			1,779			1,935			1,893			3,672			3,884
		Amortization of stock-based compensation expense			4,214			4,142			5,117			9,331			10,704
		Expenditures to maintain assets			(20,117	)		(13,065	)		(5,662	)		(25,779	)		(24,293	)
		Second generation tenant improvements
			and leasing commissions		(6,548	)		(16,474	)		(12,538	)		(19,086	)		(30,765	)
	FAD (1)				43,649			41,516			58,576			102,225			97,759
	Less FAD attributable to noncontrolling interests in:
		Consolidated joint ventures			(10,351	)		(7,757	)		(7,033	)		(17,384	)		(19,102	)
		Consolidated real estate related funds			(2,773	)		(205	)		(4,084	)		(6,857	)		(448	)
	FAD attributable to Paramount Group Operating Partnership				30,525			33,554			47,459			77,984			78,209
	Less FAD attributable to noncontrolling interests in Operating Partnership				(2,004	)		(2,532	)		(3,095	)		(5,099	)		(6,646	)
	FAD attributable to common stockholders (1) (2)			$	28,521		$	31,022		$	44,364		$	72,885		$	71,563

	Dividends declared on common stock			$	7,606		$	17,485		$	16,834		$	24,440		$	34,463

(1)

See page 54 for our definition of this measure.

(2)

FAD attributable to common stockholders is not necessarily indicative of future FAD amounts due to fluctuations in the timing of payments for tenant improvements and leasing commissions versus rents received from leases for which such costs are incurred.

- 12 -


		EBITDAre

(unaudited and in thousands)


			Three Months Ended									Six Months Ended
			June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2023			June 30, 2022
Reconciliation of net (loss) income to EBITDAre and Adjusted EBITDAre:
	Net (loss) income		$	(82,829	)	$	4,038		$	8,314		$	(74,515	)	$	10,160
	Add (subtract) adjustments (including our share of unconsolidated joint ventures) to arrive at EBITDAre and Adjusted EBITDAre:
		Depreciation and amortization		72,096			67,235			68,431			140,527			133,060
		Interest and debt expense		42,746			41,882			43,673			86,419			82,794
		Our share of non-cash real estate impairment loss related to an unconsolidated joint venture		24,734			-			-			24,734			-
		Income tax expense		580			366			293			873			906
	EBITDAre (1)			57,327			113,521			120,711			178,038			226,920
	Less EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(22,730	)		(21,830	)		(23,012	)		(45,742	)		(42,167	)
		Consolidated real estate related funds		37,665			(409	)		(2,036	)		35,629			(513	)
	PGRE's share of EBITDAre (1)		$	72,262		$	91,282		$	95,663		$	167,925		$	184,240


	EBITDAre		$	57,327		$	113,521		$	120,711		$	178,038		$	226,920
	Add (subtract) adjustments to arrive at Adjusted EBITDAre:
		Adjustments to equity in earnings for (distributions from) contributions to an unconsolidated joint venture		(1,301	)		168			(1,322	)		(2,623	)		(415	)
		EBITDAre from consolidated and unconsolidated real estate related fund investments		42,507			(264	)		(3,224	)		39,283			(540	)
		Other, net (including after-tax net gains or losses on sale of residential condominium units at One Steuart Lane)		814			(145	)		1,235			2,049			34
	Adjusted EBITDAre (1)			99,347			113,280			117,400			216,747			225,999
	Less Adjusted EBITDAre attributable to noncontrolling interests in:
		Consolidated joint ventures		(22,730	)		(21,830	)		(23,012	)		(45,742	)		(42,167	)
	PGRE's share of Adjusted EBITDAre (1)		$	76,617		$	91,450		$	94,388		$	171,005		$	183,832

(1)

See page 54 for our definition of this measure.

- 13 -


		NOI

(unaudited and in thousands)


				Three Months Ended									Six Months Ended
				June 30, 2023			June 30, 2022			March 31, 2023			June 30, 2023			June 30, 2022
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(82,829	)	$	4,038		$	8,314		$	(74,515	)	$	10,160
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			62,627			57,398			58,888			121,515			113,022
		General and administrative			16,224			16,706			14,623			30,847			32,351
		Interest and debt expense			36,879			35,578			36,459			73,338			69,855
		Income tax expense			573			359			288			861			886
		Loss (income) from real estate related fund investments			42,644			-			(3,550	)		39,094			-
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			10,720			11,585			10,381			21,101			22,819
		Loss from unconsolidated joint ventures			28,402			4,416			5,762			34,164			9,529
		Fee income			(4,976	)		(5,974	)		(4,557	)		(9,533	)		(17,962	)
		Interest and other income, net			(2,967	)		(796	)		(2,925	)		(5,892	)		(1,027	)
		Other, net			31			4			306			337			(49	)
	NOI (1)				107,328			123,314			123,989			231,317			239,584
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,564	)		(21,796	)		(22,712	)		(45,276	)		(42,118	)
	PGRE's share of NOI (1)			$	84,764		$	101,518		$	101,277		$	186,041		$	197,466

	NOI			$	107,328		$	123,314		$	123,989		$	231,317		$	239,584
	Less:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		7,515			(5,977	)		(7,691	)		(176	)		(4,319	)
		Amortization of above and below-market leases, net
			(including our share of unconsolidated joint ventures)		(2,239	)		(1,128	)		(1,838	)		(4,077	)		(2,325	)
	Cash NOI (1)				112,604			116,209			114,460			227,064			232,940
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(19,707	)		(20,693	)		(19,845	)		(39,552	)		(41,206	)
	PGRE's share of Cash NOI (1)			$	92,897		$	95,516		$	94,615		$	187,512		$	191,734

(1)

See page 54 for our definition of this measure.

- 14 -


		NOI

(unaudited and in thousands)


				Three Months Ended June 30, 2023
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(82,829	)	$	(28,032	)	$	653		$	(55,450	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			62,627			38,281			23,092			1,254
		General and administrative			16,224			-			-			16,224
		Interest and debt expense			36,879			23,436			12,684			759
		Income tax expense (benefit)			573			5			(101	)		669
		Loss from real estate related fund investments			42,644			-			-			42,644
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			10,720			3,404			7,256			60
		Loss from unconsolidated joint ventures			28,402			24,981			3,078			343
		Fee income			(4,976	)		-			-			(4,976	)
		Interest and other income, net			(2,967	)		(519	)		(210	)		(2,238	)
		Other, net			31			-			-			31
	NOI (1)				107,328			61,556			46,452			(680	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(22,564	)		(2,743	)		(19,821	)		-
	PGRE's share of NOI for the three months ended June 30, 2023			$	84,764		$	58,813		$	26,631		$	(680	)
	PGRE's share of NOI for the three months ended June 30, 2022			$	101,518		$	69,065		$	34,252		$	(1,799	)


	NOI			$	107,328		$	61,556		$	46,452		$	(680	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of
			unconsolidated joint ventures)		7,515			5,110			2,667			(262	)
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(2,239	)		(730	)		(1,509	)		-
	Cash NOI (1)				112,604			65,936			47,610			(942	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(19,707	)		(2,880	)		(16,827	)		-
	PGRE's share of Cash NOI for the three months ended June 30, 2023			$	92,897		$	63,056		$	30,783		$	(942	)
	PGRE's share of Cash NOI for the three months ended June 30, 2022			$	95,516		$	68,154		$	29,191		$	(1,829	)

(1)

See page 54 for our definition of this measure.

- 15 -


		NOI

(unaudited and in thousands)


				Six Months Ended June 30, 2023
				Total			New York			San Francisco			Other
Reconciliation of net (loss) income to NOI and Cash NOI:
	Net (loss) income			$	(74,515	)	$	(22,194	)	$	13,740		$	(66,061	)
	Add (subtract) adjustments to arrive at NOI and Cash NOI:
		Depreciation and amortization			121,515			77,448			41,574			2,493
		General and administrative			30,847			-			-			30,847
		Interest and debt expense			73,338			46,558			25,266			1,514
		Income tax expense (benefit)			861			5			(78	)		934
		Loss from real estate related fund investments			39,094			-			-			39,094
		NOI from unconsolidated joint ventures (excluding One Steuart Lane)			21,101			6,767			14,275			59
		Loss from unconsolidated joint ventures			34,164			25,001			6,372			2,791
		Fee income			(9,533	)		-			-			(9,533	)
		Interest and other income, net			(5,892	)		(961	)		(644	)		(4,287	)
		Other, net			337			-			-			337
	NOI (1)				231,317			132,624			100,505			(1,812	)
	Less NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(45,276	)		(5,366	)		(39,910	)		-
	PGRE's share of NOI for the six months ended June 30, 2023			$	186,041		$	127,258		$	60,595		$	(1,812	)
	PGRE's share of NOI for the six months ended June 30, 2022			$	197,466		$	136,268		$	64,890		$	(3,692	)


	NOI			$	231,317		$	132,624		$	100,505		$	(1,812	)
	Add (subtract) adjustments to arrive at Cash NOI:
		Straight-line rent adjustments (including our share of unconsolidated
			joint ventures)		(176	)		2,086			(2,322	)		60
		Amortization of above and below-market leases, net (including
			our share of unconsolidated joint ventures)		(4,077	)		(1,050	)		(3,027	)		-
	Cash NOI (1)				227,064			133,660			95,156			(1,752	)
	Less Cash NOI attributable to noncontrolling interests in:
		Consolidated joint ventures			(39,552	)		(5,658	)		(33,894	)		-
	PGRE's share of Cash NOI for the six months ended June 30, 2023			$	187,512		$	128,002		$	61,262		$	(1,752	)
	PGRE's share of Cash NOI for the six months ended June 30, 2022			$	191,734		$	136,267		$	59,099		$	(3,632	)

(1)

See page 54 for our definition of this measure.

- 16 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Three Months Ended June 30, 2023
			Total			New York				San Francisco		Other
	PGRE's share of Cash NOI for the three months ended June 30, 2023		$	92,897		$	63,056			$	30,783	$	(942	)
		Lease termination income		(2,055	)		(2,055	)			-		-
		Acquisitions / Redevelopment and other, net		948			6		(2)		-		942
	PGRE's share of Same Store Cash NOI for the three months ended
		June 30, 2023	$	91,790		$	61,007			$	30,783	$	-


		Three Months Ended June 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the three months ended June 30, 2022		$	95,516		$	68,154			$	29,191		$	(1,829	)
	Lease termination income		(157	)		(157	)			-			-
	Acquisitions / Redevelopment and other, net		989			(619	)	(2)		(221	)		1,829
PGRE's share of Same Store Cash NOI for the three months ended
	June 30, 2022	$	96,348		$	67,378			$	28,970		$	-


(Decrease) increase in PGRE's share of Same Store Cash NOI		$	(4,558	)	$	(6,371	)		$	1,813		$	-
% (Decrease) increase			(4.7	%)		(9.5	%)			6.3	%

(1)

See page 54 for our definition of this measure.

(2)

Includes our share of Cash NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 17 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE NOI (1)			Three Months Ended June 30, 2023
			Total			New York				San Francisco			Other
	PGRE's share of NOI for the three months ended June 30, 2023		$	84,764		$	58,813			$	26,631		$	(680	)
		Lease termination income		(2,055	)		(2,055	)			-			-
		Non-cash write-offs of straight-line rent receivables		13,906			6,563		(2)		7,343	(2)		-
		Acquisitions / Redevelopment and other, net		686			6		(3)		-			680
	PGRE's share of Same Store NOI for the three months ended
		June 30, 2023	$	97,301		$	63,327			$	33,974		$	-


		Three Months Ended June 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of NOI for the three months ended June 30, 2022		$	101,518		$	69,065			$	34,252		$	(1,799	)
	Lease termination income		(157	)		(157	)			-			-
	Acquisitions / Redevelopment and other, net		1,057			(521	)	(3)		(221	)		1,799
PGRE's share of Same Store NOI for the three months ended
	June 30, 2022	$	102,418		$	68,387			$	34,031		$	-


Decrease in PGRE's share of Same Store NOI		$	(5,117	)	$	(5,060	)		$	(57	)	$	-
% Decrease			(5.0	%)		(7.4	%)			(0.2	%)

(1)

See page 54 for our definition of this measure.

(2)

Represents write-offs related to the terminated SVB Securities lease at 1301 Avenue of the Americas in our New York portfolio and the surrendered JPMorgan space at One Front Street in our San Francisco portfolio.

(3)

Includes our share of NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 18 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE CASH NOI (1)			Six Months Ended June 30, 2023
			Total			New York				San Francisco		Other
	PGRE's share of Cash NOI for the six months ended June 30, 2023		$	187,512		$	128,002			$	61,262	$	(1,752	)
		Lease termination income		(2,055	)		(2,055	)			-		-
		Acquisitions / Redevelopment and other, net		1,701			(51	)	(2)		-		1,752
	PGRE's share of Same Store Cash NOI for the six months ended
		June 30, 2023	$	187,158		$	125,896			$	61,262	$	-


		Six Months Ended June 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of Cash NOI for the six months ended June 30, 2022		$	191,734		$	136,267			$	59,099		$	(3,632	)
	Lease termination income		(1,875	)		(1,875	)			-			-
	Acquisitions / Redevelopment and other, net		1,738			(1,673	)	(2)		(221	)		3,632
PGRE's share of Same Store Cash NOI for the six months ended
	June 30, 2022	$	191,597		$	132,719			$	58,878		$	-

(Decrease) increase in PGRE's share of Same Store Cash NOI		$	(4,439	)	$	(6,823	)		$	2,384		$	-
% (Decrease) increase			(2.3	%)		(5.1	%)			4.0	%

(1)

See page 54 for our definition of this measure.

(2)

Includes our share of Cash NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 19 -


		SAME STORE RESULTS

(unaudited and in thousands)


SAME STORE NOI (1)			Six Months Ended June 30, 2023
			Total			New York				San Francisco			Other
	PGRE's share of NOI for the six months ended June 30, 2023		$	186,041		$	127,258			$	60,595		$	(1,812	)
		Lease termination income		(2,055	)		(2,055	)			-			-
		Non-cash write-offs of straight-line rent receivables		13,906			6,563		(2)		7,343	(2)		-
		Acquisitions / Redevelopment and other, net		1,765			(47	)	(3)		-			1,812
	PGRE's share of Same Store NOI for the six months ended
		June 30, 2023	$	199,657		$	131,719			$	67,938		$	-


		Six Months Ended June 30, 2022
		Total			New York				San Francisco			Other
PGRE's share of NOI for the six months ended June 30, 2022		$	197,466		$	136,268			$	64,890		$	(3,692	)
	Lease termination income		(1,875	)		(1,875	)			-			-
	Non-cash write-offs of straight-line rent receivables		306			306				-			-
	Acquisitions / Redevelopment and other, net		2,065			(1,406	)	(3)		(221	)		3,692
PGRE's share of Same Store NOI for the six months ended
	June 30, 2022	$	197,962		$	133,293			$	64,669		$	-

Increase (decrease) in PGRE's share of Same Store NOI		$	1,695		$	(1,574	)		$	3,269		$	-
% Increase (decrease)			0.9	%		(1.2	%)			5.1	%

(1)

See page 54 for our definition of this measure.

(2)

(3)

Includes our share of NOI attributable to 60 Wall Street which was taken “out-of-service” for redevelopment.

- 20 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of June 30, 2023
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,325,697	$	1,697,715	$	1,156,161	$	471,821
	Cash and cash equivalents		160,880		65,940		50,192		44,748
	Restricted cash		1,317		78		1,239		-
	Accounts and other receivables		5,192		2,258		2,323		611
	Deferred rent receivable		204,890		102,504		77,971		24,415
	Deferred charges, net		46,399		23,211		16,242		6,946
	Intangible assets, net		45,376		37,615		6,791		970
	Other assets		11,252		1,794		8,079		1,379
Total Assets		$	3,801,003	$	1,931,115	$	1,318,998	$	550,890

Liabilities:
	Notes and mortgages payable, net	$	2,490,920	$	1,243,611	$	974,309	$	273,000
	Accounts payable and accrued expenses		54,655		17,479		27,563		9,613
	Intangible liabilities, net		19,558		12,926		6,225		407
	Other liabilities		4,745		123		4,589		33
Total Liabilities			2,569,878		1,274,139		1,012,686		283,053

Equity:
	Paramount Group, Inc. equity		823,478		590,806		150,159		82,513
	Noncontrolling interests		407,647		66,170		156,153		185,324
Total Equity			1,231,125		656,976		306,312		267,837

Total Liabilities and Equity		$	3,801,003	$	1,931,115	$	1,318,998	$	550,890

- 21 -


		CONSOLIDATED JOINT VENTURES – BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2022
		Total Consolidated		1633		One Market		300 Mission
		Joint Ventures		Broadway		Plaza		Street
PGRE Ownership				90.0%		49.0%		31.1%
Assets:
	Real estate, net	$	3,364,482	$	1,718,436	$	1,167,906	$	478,140
	Cash and cash equivalents		139,579		60,556		41,396		37,627
	Restricted cash		1,316		78		1,238		-
	Accounts and other receivables		9,997		8,340		984		673
	Deferred rent receivable		197,658		105,880		67,377		24,401
	Deferred charges, net		49,485		24,696		17,255		7,534
	Intangible assets, net		50,553		41,197		8,175		1,181
	Other assets		6,228		655		5,105		468
Total Assets		$	3,819,298	$	1,959,838	$	1,309,436	$	550,024

Liabilities:
	Notes and mortgages payable, net	$	2,489,902	$	1,243,112	$	973,790	$	273,000
	Accounts payable and accrued expenses		61,407		19,682		33,297		8,428
	Intangible liabilities, net		21,936		13,949		7,491		496
	Other liabilities		5,803		1,185		4,563		55
Total Liabilities			2,579,048		1,277,928		1,019,141		281,979

Equity:
	Paramount Group, Inc. equity		838,132		613,203		142,315		82,614
	Noncontrolling interests		402,118		68,707		147,980		185,431
Total Equity			1,240,250		681,910		290,295		268,045

Total Liabilities and Equity		$	3,819,298	$	1,959,838	$	1,309,436	$	550,024

- 22 -


		CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended June 30, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	104,119		$	50,394		$	41,321		$	12,404
Total operating expenses			35,089			18,785			12,122			4,182
Net operating income (1)			69,030			31,609			29,199			8,222
Depreciation and amortization			(28,747	)		(14,197	)		(10,671	)		(3,879	)
Interest and other income, net			715			505			164			46
Interest and debt expense			(22,386	)		(9,702	)		(10,193	)		(2,491	)
Income before income taxes			18,612			8,215			8,499			1,898
Income tax benefit (expense)			96			(5	)		128			(27	)
Net income		$	18,708		$	8,210		$	8,627		$	1,871

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	12,186		$	7,389		$	4,220		$	577
	Add: Management fee income		1,171			419			192			560
	PGRE's share of net income		13,357			7,808			4,412			1,137
	Add: Real estate depreciation and amortization		19,209			12,777			5,229			1,203
	FFO/Core FFO (1)	$	32,566		$	20,585		$	9,641		$	2,340

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	6,522		$	821		$	4,407		$	1,294
	Less: Management fee expense		(1,171	)		(419	)		(192	)		(560	)
	Net income attributable to noncontrolling interests		5,351			402			4,215			734
	Add: Real estate depreciation and amortization		9,538			1,420			5,442			2,676
	FFO/Core FFO (1)	$	14,889		$	1,822		$	9,657		$	3,410

(1)

See page 54 for our definition of these measures.

- 23 -


		CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended June 30, 2022
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	98,465		$	48,779		$	37,114		$	12,572
Total operating expenses			32,153			18,382			10,142			3,629
Net operating income (1)			66,312			30,397			26,972			8,943
Depreciation and amortization			(27,849	)		(14,066	)		(9,710	)		(4,073	)
Interest and other income, net			99			49			33			17
Interest and debt expense			(22,389	)		(9,705	)		(10,193	)		(2,491	)
Income before income taxes			16,173			6,675			7,102			2,396
Income tax expense			(1	)		(1	)		-			-
Net income		$	16,172		$	6,674		$	7,102		$	2,396

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	10,227		$	6,009		$	3,475		$	743
	Add: Management fee income		1,166			423			186			557
	PGRE's share of net income		11,393			6,432			3,661			1,300
	Add: Real estate depreciation and amortization		18,683			12,658			4,759			1,266
	FFO/Core FFO (1)	$	30,076		$	19,090		$	8,420		$	2,566

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	5,945		$	665		$	3,627		$	1,653
	Less: Management fee expense		(1,166	)		(423	)		(186	)		(557	)
	Net income attributable to noncontrolling interests		4,779			242			3,441			1,096
	Add: Real estate depreciation and amortization		9,166			1,408			4,951			2,807
	FFO/Core FFO (1)	$	13,945		$	1,650		$	8,392		$	3,903

(1)

See page 54 for our definition of these measures.

- 24 -


		CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Six Months Ended June 30, 2023
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	206,068		$	99,536		$	81,293		$	25,239
Total operating expenses			69,027			37,637			23,413			7,977
Net operating income (1)			137,041			61,899			57,880			17,262
Depreciation and amortization			(57,480	)		(28,378	)		(21,331	)		(7,771	)
Interest and other income, net			1,561			917			387			257
Interest and debt expense			(44,567	)		(19,301	)		(20,284	)		(4,982	)
Income before income taxes			36,555			15,137			16,652			4,766
Income tax benefit (expense)			75			(5	)		127			(47	)
Net income		$	36,630		$	15,132		$	16,779		$	4,719

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	23,291		$	13,617		$	8,214		$	1,460
	Add: Management fee income		2,347			826			385			1,136
	PGRE's share of net income		25,638			14,443			8,599			2,596
	Add: Real estate depreciation and amortization		38,408			25,541			10,453			2,414
	FFO/Core FFO (1)	$	64,046		$	39,984		$	19,052		$	5,010

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	13,339		$	1,515		$	8,565		$	3,259
	Less: Management fee expense		(2,347	)		(826	)		(385	)		(1,136	)
	Net income attributable to noncontrolling interests		10,992			689			8,180			2,123
	Add: Real estate depreciation and amortization		19,072			2,837			10,878			5,357
	FFO/Core FFO (1)	$	30,064		$	3,526		$	19,058		$	7,480

(1)

See page 54 for our definition of these measures.

- 25 -


		CONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Six Months Ended June 30, 2022
		Total Consolidated			1633			One Market			300 Mission
		Joint Ventures			Broadway			Plaza			Street
Total revenues		$	195,088		$	99,374		$	71,886		$	23,828
Total operating expenses			63,607			36,722			20,253			6,632
Net operating income (1)			131,481			62,652			51,633			17,196
Depreciation and amortization			(55,836	)		(28,486	)		(19,206	)		(8,144	)
Interest and other income, net			124			46			59			19
Interest and debt expense			(44,564	)		(19,304	)		(20,278	)		(4,982	)
Income before income taxes			31,205			14,908			12,208			4,089
Income tax expense			(6	)		(2	)		(2	)		(2	)
Net income		$	31,199		$	14,906		$	12,206		$	4,087

PGRE's share
Ownership		Total			90.0%			49.0%			31.1%
	Net income	$	20,662		$	13,417		$	5,977		$	1,268
	Add: Management fee income		2,333			838			386			1,109
	PGRE's share of net income		22,995			14,255			6,363			2,377
	Add: Real estate depreciation and amortization		37,580			25,638			9,411			2,531
	FFO/Core FFO (1)	$	60,575		$	39,893		$	15,774		$	4,908

Noncontrolling interests' share
Ownership		Total			10.0%			51.0%			68.9%
	Net income	$	10,537		$	1,489		$	6,229		$	2,819
	Less: Management fee expense		(2,333	)		(838	)		(386	)		(1,109	)
	Net income attributable to noncontrolling interests		8,204			651			5,843			1,710
	Add: Real estate depreciation and amortization		18,256			2,848			9,795			5,613
	FFO/Core FFO (1)	$	26,460		$	3,499		$	15,638		$	7,323

(1)

See page 54 for our definition of these measures.

- 26 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)


		As of June 30, 2023
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street			Other (1)

PGRE Ownership				50.0%			67.0%		44.1%		49.0%			Various
Assets:
	Real estate, net	$	1,962,354	$	217,965		$	619,518	$	354,952	$	146,102			623,817
	Cash and cash equivalents		99,102		29,009			30,146		17,836		1,869			20,242
	Restricted cash		114,489		5,476			11,209		-		1,714			96,090
	Accounts and other receivables		4,630		2,853			750		370		524			133
	Deferred rent receivable		32,358		17,942			4,883		4,222		2,939			2,372
	Deferred charges, net		13,522		8,874			2,795		872		981			-
	Intangible assets, net		59,545		-			8,825		8,592		2,017			40,111
	For-sale residential condominium units (2)		317,818		-			-		-		-			317,818
	Other assets		37,441		444			22,319		670		418			13,590
Total Assets		$	2,641,259	$	282,563		$	700,445	$	387,514	$	156,564		$	1,114,173

Liabilities:
	Notes and mortgages payable, net	$	1,738,958	$	298,376		$	410,173	$	186,989	$	159,234		$	684,186
	Accounts payable and accrued expenses		52,774		8,494			9,799		4,119		4,096			26,266
	Intangible liabilities, net		7,644		-			1,053		5,612		979			-
	Other liabilities		4,027		174			1,331		449		249			1,824
Total Liabilities			1,803,403		307,044			422,356		197,169		164,558			712,276


Total Equity			837,856		(24,481	)		278,089		190,345		(7,994	)		401,897

Total Liabilities and Equity		$	2,641,259	$	282,563		$	700,445	$	387,514	$	156,564		$	1,114,173

(1)

Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 27 -


		UNCONSOLIDATED JOINT VENTURES - BALANCE SHEETS

(unaudited and in thousands)



		As of December 31, 2022
				712 Fifth			Market		55 Second		111 Sutter
		Total		Avenue			Center		Street		Street			Other (1)

PGRE Ownership				50.0%			67.0%		44.1%		49.0%			Various
Assets:
	Real estate, net	$	2,377,084	$	212,002		$	627,169	$	359,405	$	149,653		$	1,028,855
	Cash and cash equivalents		140,818		28,335			38,918		15,322		3,950			54,293
	Restricted cash		111,722		5,472			-		-		2,431			103,819
	Accounts and other receivables		4,830		3,642			453		326		17			392
	Deferred rent receivable		31,372		17,921			5,422		3,507		2,992			1,530
	Deferred charges, net		13,026		9,566			1,430		951		1,079			-
	Intangible assets, net		69,599		-			14,363		10,980		2,583			41,673
	For-sale residential condominium units (2)		322,232		-			-		-		-			322,232
	Other assets		37,826		189			22,651		211		1,564			13,211
Total Assets		$	3,108,509	$	277,127		$	710,406	$	390,702	$	164,269		$	1,566,005

Liabilities:
	Notes and mortgages payable, net	$	1,834,916	$	298,186		$	408,967	$	186,909	$	158,666		$	782,188
	Accounts payable and accrued expenses		47,302		5,620			10,768		3,264		4,262			23,388
	Intangible liabilities, net		10,972		-			2,331		7,327		1,314			-
	Other liabilities		3,481		176			232		246		244			2,583
Total Liabilities			1,896,671		303,982			422,298		197,746		164,486			808,159


Total Equity			1,211,838		(26,855	)		288,108		192,956		(217	)		757,846

Total Liabilities and Equity		$	3,108,509	$	277,127		$	710,406	$	390,702	$	164,269		$	1,566,005

(1)

Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Represents the cost of residential condominium units at One Steuart Lane that are available for sale.

- 28 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)



		Three Months Ended June 30, 2023
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	44,246		$	12,188		$	14,201		$	8,061		$	3,132		$	6,664		(2)
Total operating expenses			24,990			5,726			7,295			3,436			1,922			6,611		(2)
Net operating income (3)			19,256			6,462			6,906			4,625			1,210			53
Depreciation and amortization			(17,713	)		(2,865	)		(7,548	)		(4,034	)		(2,172	)		(1,094	)
Interest and other income, net			783			241			317			155			5			65
Interest and debt expense			(17,915	)		(2,674	)		(3,522	)		(1,856	)		(2,884	)		(6,979	)
Real estate impairment loss (4)			(455,893	)		-			-			-			-			(455,893	)
(Loss) income before income taxes			(471,482	)		1,164			(3,847	)		(1,110	)		(3,841	)		(463,848	)
Income tax expense			(19	)		-			(1	)		(14	)		-			(4	)
Net (loss) income		$	(471,501	)	$	1,164		$	(3,848	)	$	(1,124	)	$	(3,841	)	$	(463,852	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(27,107	)	$	582		$	(2,579	)	$	(496	)	$	(1,883	)	$	(22,731	)
	Less: Step-up basis adjustment		(2,596	)		-			-			(3	)		-			(2,593	)
	Less: Adjustments to equity in earnings for distributions from unconsolidated joint ventures		1,301			(582	)		-			-			1,883			-
	PGRE's share of net loss		(28,402	)		-			(2,579	)		(499	)		-			(25,324	)
	Add: Real estate depreciation and amortization		9,469			1,433			5,057			1,782			1,065			132
	Add: Real estate impairment loss (4)		24,734			-			-			-			-			24,734
	FFO (3)		5,801			1,433			2,478			1,283			1,065			(458	)
	Add: Adjustments to equity in earnings for distributions from unconsolidated joint ventures		(1,301	)		582			-			-			(1,883	)		-
	Add: Other non-core items		244			-			-			-			-			244
	Less: FFO attributable to One Steuart Lane		352			-			-			-			-			352
	Core FFO (3)	$	5,096		$	2,015		$	2,478		$	1,283		$	(818	)	$	138

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(444,394	)	$	582		$	(1,269	)	$	(628	)	$	(1,958	)	$	(441,121	)
	Add: Real estate depreciation and amortization		10,840			1,432			2,491			2,255			1,107			3,555
	Add: Real estate impairment loss (4)		431,159			-			-			-			-			431,159
	FFO (3)		(2,395	)		2,014			1,222			1,627			(851	)		(6,407	)
	Add: Other non-core items		4,625			-			-			-			-			4,625
	Less: FFO attributable to One Steuart Lane		3,058			-			-			-			-			3,058
	Core FFO (3)	$	5,288		$	2,014		$	1,222		$	1,627		$	(851	)	$	1,276

(1)

Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 54 for our definition of this measure.

(4)

Represents non-cash real estate impairment loss related to 60 Wall Street.

- 29 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)



		Three Months Ended June 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	85,960		$	10,657		$	14,604		$	7,539		$	3,862		$	49,298		(2)
Total operating expenses			52,293			4,971			6,931			3,366			1,802			35,223		(2)
Net operating income (3)			33,667			5,686			7,673			4,173			2,060			14,075
Depreciation and amortization			(23,508	)		(2,692	)		(7,982	)		(4,049	)		(1,855	)		(6,930	)
Interest and other income (loss), net			58			16			10			(9	)		(4	)		45
Interest and debt expense			(16,335	)		(2,674	)		(3,407	)		(1,856	)		(1,589	)		(6,809	)
(Loss) income before income taxes			(6,118	)		336			(3,706	)		(1,741	)		(1,388	)		381
Income tax expense			(14	)		-			(1	)		(12	)		(1	)		-
Net (loss) income		$	(6,132	)	$	336		$	(3,707	)	$	(1,753	)	$	(1,389	)	$	381

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(4,151	)	$	168		$	(2,487	)	$	(789	)	$	(681	)	$	(362	)
	Less: Step-up basis adjustment		(97	)		-			-			(3	)		-			(94	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(168	)		(168	)		-			-			-			-
	PGRE's share of net loss		(4,416	)		-			(2,487	)		(792	)		(681	)		(456	)
	Add: Real estate depreciation and amortization		9,837			1,346			5,348			1,789			909			445
	FFO (3)		5,421			1,346			2,861			997			228			(11	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		168			168			-			-			-			-
	Less: FFO attributable to One Steuart Lane		512			-			-			-			-			512
	Core FFO (3)	$	6,101		$	1,514		$	2,861		$	997		$	228		$	501

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(1,981	)	$	168		$	(1,220	)	$	(964	)	$	(708	)	$	743
	Add: Real estate depreciation and amortization		13,799			1,346			2,634			2,263			946			6,610
	FFO (3)		11,818			1,514			1,414			1,299			238			7,353
	Less: FFO attributable to One Steuart Lane		774			-			-			-			-			774
	Core FFO (3)	$	12,592		$	1,514		$	1,414		$	1,299		$	238		$	8,127

(1)

Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 54 for our definition of this measure.

- 30 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)


		Six Months Ended June 30, 2023
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	86,224		$	24,407		$	28,286		$	15,925		$	6,339		$	11,267		(2)
Total operating expenses			49,691			11,555			14,621			6,912			4,004			12,599		(2)
Net operating income (loss) (3)			36,533			12,852			13,665			9,013			2,335			(1,332	)
Depreciation and amortization			(35,478	)		(5,655	)		(15,113	)		(8,149	)		(4,476	)		(2,085	)
Interest and other income, net			1,492			496			634			280			24			58
Interest and debt expense			(33,361	)		(5,319	)		(6,987	)		(3,713	)		(5,654	)		(11,688	)
Real estate impairment loss (4)			(455,893	)		-			-			-			-			(455,893	)
(Loss) income before income taxes			(486,707	)		2,374			(7,801	)		(2,569	)		(7,771	)		(470,940	)
Income tax expense			(30	)		-			(3	)		(19	)		(2	)		(6	)
Net (loss) income		$	(486,737	)	$	2,374		$	(7,804	)	$	(2,588	)	$	(7,773	)	$	(470,946	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net (loss) income	$	(34,151	)	$	1,187		$	(5,234	)	$	(1,133	)	$	(3,810	)	$	(25,161	)
	Less: Step-up basis adjustment		(2,636	)		-			-			(5	)		-			(2,631	)
	Less: Adjustments to equity in earnings for distributions from unconsolidated joint ventures		2,623			(1,187	)		-			-			3,810			-
	PGRE's share of net loss		(34,164	)		-			(5,234	)		(1,138	)		-			(27,792	)
	Add: Real estate depreciation and amortization		19,012			2,828			10,126			3,598			2,194			266
	Add: Real estate impairment loss (4)		24,734			-			-			-			-			24,734
	FFO (3)		9,582			2,828			4,892			2,460			2,194			(2,792	)
	Add: Adjustments to equity in earnings for distributions from unconsolidated joint ventures		(2,623	)		1,187			-			-			(3,810	)		-
	Add: Other non-core items		244			-			-			-			-			244
	Less: FFO attributable to One Steuart Lane		2,761			-			-			-			-			2,761
	Core FFO (3)	$	9,964		$	4,015		$	4,892		$	2,460		$	(1,616	)	$	213

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net (loss) income	$	(452,586	)	$	1,187		$	(2,570	)	$	(1,455	)	$	(3,963	)	$	(445,785	)
	Add: Real estate depreciation and amortization		19,102			2,827			4,987			4,556			2,282			4,450
	Add: Real estate impairment loss (4)		431,159			-			-			-			-			431,159
	FFO (3)		(2,325	)		4,014			2,417			3,101			(1,681	)		(10,176	)
	Add: Other non-core items		4,625			-			-			-			-			4,625
	Less: FFO attributable to One Steuart Lane		7,533			-			-			-			-			7,533
	Core FFO (3)	$	9,833		$	4,014		$	2,417		$	3,101		$	(1,681	)	$	1,982

(1)

Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 54 for our definition of this measure.

(4)

Represents non-cash real estate impairment loss related to 60 Wall Street.

- 31 -


		UNCONSOLIDATED JOINT VENTURES - OPERATING RESULTS

(unaudited and in thousands)



		Six Months Ended June 30, 2022
					712 Fifth			Market			55 Second			111 Sutter
		Total			Avenue			Center			Street			Street			Other (1)
Total revenues		$	162,062		$	20,708		$	28,966		$	15,398		$	7,606		$	89,384		(2)
Total operating expenses			94,801			10,850			13,436			6,292			3,688			60,535		(2)
Net operating income (3)			67,261			9,858			15,530			9,106			3,918			28,849
Depreciation and amortization			(50,406	)		(5,346	)		(15,995	)		(8,636	)		(3,722	)		(16,707	)
Interest and other income (loss), net			16			4			3			(22	)		(9	)		40
Interest and debt expense			(33,933	)		(5,346	)		(6,767	)		(3,713	)		(3,160	)		(14,947	)
Loss before income taxes			(17,062	)		(830	)		(7,229	)		(3,265	)		(2,973	)		(2,765	)
Income tax expense			(43	)		-			(3	)		(34	)		(4	)		(2	)
Net loss		$	(17,105	)	$	(830	)	$	(7,232	)	$	(3,299	)	$	(2,977	)	$	(2,767	)

PGRE's share
Ownership		Total			50.0%			67.0%			44.1%			49.0%			Various
	Net loss	$	(9,772	)	$	(415	)	$	(4,850	)	$	(1,465	)	$	(1,459	)	$	(1,583	)
	Less: Step-up basis adjustment		(172	)		-			-			(6	)		-			(166	)
	Less: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		415			415			-			-			-			-
	PGRE's share of net loss		(9,529	)		-			(4,850	)		(1,471	)		(1,459	)		(1,749	)
	Add: Real estate depreciation and amortization		20,038			2,673			10,717			3,814			1,824			1,010
	FFO (3)		10,509			2,673			5,867			2,343			365			(739	)
	Add: Adjustments to equity in earnings for distributions from an unconsolidated joint venture		(415	)		(415	)		-			-			-			-
	Less: FFO attributable to One Steuart Lane		1,774			-			-			-			-			1,774
	Core FFO (3)	$	11,868		$	2,258		$	5,867		$	2,343		$	365		$	1,035

Joint Venture Partners' share
Ownership		Total			50.0%			33.0%			55.9%			51.0%			Various
	Net loss	$	(7,333	)	$	(415	)	$	(2,382	)	$	(1,834	)	$	(1,518	)	$	(1,184	)
	Add: Real estate depreciation and amortization		30,540			2,673			5,278			4,828			1,898			15,863
	FFO (3)		23,207			2,258			2,896			2,994			380			14,679
	Less: FFO attributable to One Steuart Lane		3,061			-			-			-			-			3,061
	Core FFO (3)	$	26,268		$	2,258		$	2,896		$	2,994		$	380		$	17,740

(1)

Represents 1600 Broadway, 60 Wall Street (“out-of-service” for redevelopment), Oder-Center, Germany and One Steuart Lane.

(2)

Includes proceeds and cost of sales from the sale of residential condominium units at One Steuart Lane.

(3)

See page 54 for our definition of this measure.

- 32 -


		REAL ESTATE RELATED FUNDS - BALANCE SHEETS

(unaudited and in thousands)


		As of June 30, 2023							As of June 30, 2023
		Consolidated Funds
		Total				Residential			Total
		Consolidated Funds		Fund X		Development Fund			Unconsolidated Funds (1)
PGRE Ownership				13.0%		7.4%			Various
Assets:
	Cash and cash equivalents	$	20,304	$	357	$	19,947		$	191,040
	Accounts and other receivables		134		-		134			-
	Real estate related fund investments (2)		66,606		66,606		-			214,401
	Investments in unconsolidated joint ventures		115,902		-		115,902	(3)		-
	Other assets		16		16		-			422
Total Assets		$	202,962	$	66,979	$	135,983		$	405,863

Liabilities:
	Accounts payable and accrued expenses	$	120	$	86	$	34		$	-
	Other liabilities		6		4		2			87
Total Liabilities			126		90		36			87

Equity:
	Paramount Group, Inc. equity		18,848		8,709		10,139			5,270
	Joint Venture Partners' equity		183,988		58,180		125,808			400,506
Total Equity			202,836		66,889		135,947			405,776

Total Liabilities and Equity		$	202,962	$	66,979	$	135,983		$	405,863

(1)

Represents Paramount Group Real Estate Fund VII, LP (“Fund VII”), Paramount Group Real Estate Fund VII-H, LP (“Fund VII-H”) and Paramount Group Real Estate Fund VIII, LP (“Fund VIII”).

(2)

Primarily represents investments in mezzanine loans.

(3)

Represents Residential Development Fund’s 35.0% ownership interest in One Steuart Lane.

- 33 -


		REAL ESTATE RELATED FUNDS - BALANCE SHEETS

(unaudited and in thousands)


		As of December 31, 2022							As of December 31, 2022
		Consolidated Funds
		Total				Residential			Total
		Consolidated Funds		Fund X		Development Fund			Unconsolidated Funds (1)
PGRE Ownership				13.0%		7.4%			Various
Assets:
	Cash and cash equivalents	$	3,551	$	199	$	3,352		$	29,076
	Accounts and other receivables		3,650		-		3,650			-
	Real estate related fund investments (2)		105,369		105,369		-			232,295
	Investments in unconsolidated joint ventures		77,961		-		77,961	(3)		-
	Other assets		3,632		201		3,431			342
Total Assets		$	194,163	$	105,769	$	88,394		$	261,713

Liabilities:
	Accounts payable and accrued expenses	$	85	$	34	$	51		$	-
	Other liabilities		248		14		234			91
Total Liabilities			333		48		285			91

Equity:
	Paramount Group, Inc. equity		20,455		13,766		6,689			3,411
	Joint Venture Partners' equity		173,375		91,955		81,420			258,211
Total Equity			193,830		105,721		88,109			261,622

Total Liabilities and Equity		$	194,163	$	105,769	$	88,394		$	261,713

(1)

Represents Fund VII, Fund VII-H and Fund VIII.

(2)

Primarily represents investments in mezzanine loans.

(3)

Represents Residential Development Fund’s 35.0% ownership interest in One Steuart Lane.

- 34 -


		REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended June 30, 2023										Three Months Ended June 30, 2023
		Consolidated Funds
		Total							Residential			Total
		Consolidated Funds			Fund X (1)				Development Fund			Unconsolidated Funds (2)
Net investment income		$	3,048		$	3,048			$	-		$	1,967
Net realized losses			(1,224	)		(1,224	)			-			-
Net unrealized (losses) gains			(44,468	)		(44,468	)	(3)		-			514
(Loss) income from real estate related fund investments			(42,644	)		(42,644	)			-			2,481
Loss from unconsolidated joint ventures			(358	)		-				(358	)		-
Interest and other income, net			449			-				449			-
(Loss) income before income taxes			(42,553	)		(42,644	)			91			2,481
Income tax expense			-			-				-			-
Net (loss) income		$	(42,553	)	$	(42,644	)		$	91		$	2,481

PGRE's share
Ownership		Total			13.0%				7.4%			Total
	Net (loss) income	$	(5,551	)	$	(5,553	)		$	2		$	32
	Add: Management fee income		299			299				-			-
	PGRE's share of net (loss) income		(5,252	)		(5,254	)			2			32
	Add: Real estate depreciation and amortization		-			-				-			-
	FFO (4)		(5,252	)		(5,254	)			2			32
	Less: FFO attributable to One Steuart Lane		26			-				26			-
	Less: Realized and unrealized losses from real estate related fund investments		5,950			5,950				-			(6	)
	Core FFO (4)	$	724		$	696			$	28		$	26

Joint Venture Partners' share
Ownership		Total			87.0%				92.6%			Total
	Net (loss) income	$	(37,002	)	$	(37,091	)		$	89		$	2,449
	Less: Management fee expense		(299	)		(299	)			-			-
	Net (loss) income attributable to joint venture partners		(37,301	)		(37,390	)			89			2,449
	Add: Real estate depreciation and amortization		6			-				6			-
	FFO (4)		(37,295	)		(37,390	)			95			2,449
	Less: FFO attributable to One Steuart Lane		326			-				326			-
	Less: Realized and unrealized losses from real estate related fund investments		39,742			39,742				-			(508	)
	Core FFO (4)	$	2,773		$	2,352			$	421		$	1,941

(1)

Prior to December 12, 2022, Fund X was accounted for under the equity method of accounting. Subsequent to December 12, 2022, we increased our ownership in Fund X to 13.0% and began consolidating Fund X into our consolidated financial statements.

(2)

Represents Fund VII, Fund VII-H and Fund VIII.

(3)

Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price.

(4)

See page 54 for our definition of this measure.

- 35 -


		REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)


		Three Months Ended
		June 30, 2022			Three Months Ended June 30, 2022
					Total
		Consolidated Fund (1)			Unconsolidated Funds			Fund X			Other (2)
Net investment income		$	-		$	3,473		$	1,170		$	2,303
Net realized losses			-			(1,960	)		-			(1,960	)
Net unrealized losses (gains)			-			(1,053	)		986			(2,039	)
Income (loss) from real estate related fund investments			-			460			2,156			(1,696	)
Loss from unconsolidated joint ventures			(518	)		-			-			-
Interest and other income, net			109			-			-			-
Net (loss) income		$	(409	)	$	460		$	2,156		$	(1,696	)

PGRE's share
Ownership		7.4%			Total			8.2%			Various
	Net (loss) income	$	(57	)	$	155		$	178		$	(23	)
	Add: Real estate depreciation and amortization		-			-			-			-
	FFO (3)		(57	)		155			178			(23	)
	Less: FFO attributable to One Steuart Lane		38			-			-			-
	Less: Realized and unrealized losses from real estate related fund investments		-			(29	)		(81	)		52
	Core FFO (3)	$	(19	)	$	126		$	97		$	29

Joint Venture Partners' share
Ownership		92.6%			Total			91.8%			Various
	Net (loss) income	$	(352	)	$	305		$	1,978		$	(1,673	)
	Less: Management fee expense		-			-			-			-
	Net (loss) income attributable to joint venture partners		(352	)		305			1,978			(1,673	)
	Add: Real estate depreciation and amortization		6			-			-			-
	FFO (3)		(346	)		305			1,978			(1,673	)
	Less: FFO attributable to One Steuart Lane		474			-			-			-
	Less: Realized and unrealized losses from real estate related fund investments		-			3,042			(905	)		3,947
	Core FFO (3)	$	128		$	3,347		$	1,073		$	2,274

(1)

Represents Residential Development Fund.

(2)

Represents Fund VII, Fund VII-H and Fund VIII.

(3)

See page 54 for our definition of this measure.

- 36 -


		REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)


		Six Months Ended June 30, 2023										Six Months Ended June 30, 2023
		Consolidated Funds
		Total							Residential			Total
		Consolidated Funds			Fund X (1)				Development Fund			Unconsolidated Funds (2)
Net investment income		$	7,709		$	7,709			$	-		$	5,541
Net realized losses			(1,224	)		(1,224	)			-			-
Net unrealized losses			(45,579	)		(45,579	)	(3)		-			(16,888	)
Loss from real estate related fund investments			(39,094	)		(39,094	)			-			(11,347	)
Loss from unconsolidated joint ventures			(2,774	)		-				(2,774	)		-
Interest and other income, net			612			-				612			-
Loss before income taxes			(41,256	)		(39,094	)			(2,162	)		(11,347	)
Income tax expense			(1	)		-				(1	)		-
Net loss		$	(41,257	)	$	(39,094	)		$	(2,163	)	$	(11,347	)

PGRE's share
Ownership		Total			13.0%				7.4%			Total
	Net loss	$	(5,349	)	$	(5,091	)		$	(258	)	$	(146	)
	Add: Management fee income		570			570				-			-
	PGRE's share of net loss		(4,779	)		(4,521	)			(258	)		(146	)
	Add: Real estate depreciation and amortization		-			-				-			-
	FFO (4)		(4,779	)		(4,521	)			(258	)		(146	)
	Less: FFO attributable to One Steuart Lane		205			-				205			-
	Less: Realized and unrealized losses from real estate related fund investments		6,094			6,094				-			218
	Core FFO (4)	$	1,520		$	1,573			$	(53	)	$	72

Joint Venture Partners' share
Ownership		Total			87.0%				92.6%			Total
	Net loss	$	(35,908	)	$	(34,003	)		$	(1,905	)	$	(11,201	)
	Less: Management fee expense		(570	)		(570	)			-			-
	Net loss attributable to joint venture partners		(36,478	)		(34,573	)			(1,905	)		(11,201	)
	Add: Real estate depreciation and amortization		13			-				13			-
	FFO (4)		(36,465	)		(34,573	)			(1,892	)		(11,201	)
	Less: FFO attributable to One Steuart Lane		2,556			-				2,556			-
	Less: Realized and unrealized losses from real estate related fund investments		40,709			40,709				-			16,670
	Core FFO (4)	$	6,800		$	6,136			$	664		$	5,469

(1)

(2)

Represents Fund VII, Fund VII-H and Fund VIII.

(3)

Primarily represents an unrealized loss on a mezzanine loan investment based on a negotiated transaction price.

(4)

See page 54 for our definition of this measure.

- 37 -


		REAL ESTATE RELATED FUNDS - OPERATING RESULTS

(unaudited and in thousands)


		Six Months Ended
		June 30, 2022			Six Months Ended June 30, 2022
					Total
		Consolidated Fund (1)			Unconsolidated Funds			Fund X			Other (2)
Net investment income		$	-		$	8,545		$	3,361		$	5,184
Net realized losses			-			(2,269	)		-			(2,269	)
Net unrealized (losses) gains			-			(3,315	)		777			(4,092	)
Income (loss) from real estate related fund investments			-			2,961			4,138			(1,177	)
Loss from unconsolidated joint ventures			(1,787	)		-			-			-
Interest and other income, net			215			-			-			-
(Loss) income before income taxes			(1,572	)		2,961			4,138			(1,177	)
Income tax expense			(2	)		-			-			-
Net (loss) income		$	(1,574	)	$	2,961		$	4,138		$	(1,177	)

PGRE's share
Ownership		7.4%			Total			8.2%			Various
	Net (loss) income	$	(206	)	$	325		$	341		$	(16	)
	Add: Real estate depreciation and amortization		-			-			-			-
	FFO (3)		(206	)		325			341			(16	)
	Less: FFO attributable to One Steuart Lane		132			-			-			-
	Less: Realized and unrealized losses from real estate related fund investments		-			18			(64	)		82
	Core FFO (3)	$	(74	)	$	343		$	277		$	66

Joint Venture Partners' share
Ownership		92.6%			Total			91.8%			Various
	Net (loss) income	$	(1,368	)	$	2,636		$	3,797		$	(1,161	)
	Less: Management fee expense		-			-			-			-
	Net (loss) income attributable to joint venture partners		(1,368	)		2,636			3,797			(1,161	)
	Add: Real estate depreciation and amortization		13			-			-			-
	FFO (3)		(1,355	)		2,636			3,797			(1,161	)
	Less: FFO attributable to One Steuart Lane		1,642			-			-			-
	Less: Realized and unrealized losses from real estate related fund investments		-			5,566			(713	)		6,279
	Core FFO (3)	$	287		$	8,202		$	3,084		$	5,118

(1)

Represents Residential Development Fund.

(2)

Represents Fund VII, Fund VII-H and Fund VIII.

(3)

See page 54 for our definition of this measure.

- 38 -


		CAPITAL STRUCTURE

(unaudited and in thousands, except share, unit and per share amounts)


			As of June 30, 2023
Debt:
	Consolidated debt:
		Notes and mortgages payable (1)	$	3,858,000
		Revolving Credit Facility		-
				3,858,000
	Less:
		Noncontrolling interests' share of consolidated debt (2)		(810,335	)
	Add:
		PGRE's share of unconsolidated joint venture debt (3)		625,530
	PGRE's Share of Total Debt (4)			3,673,195


		Shares / Units		Share Price as of
Equity:		Outstanding		June 30, 2023
	Common stock		217,306,498	$	4.43		962,668
	Operating Partnership units		15,366,522		4.43		68,074
	Total equity		232,673,020		4.43		1,030,742


Total Market Capitalization						$	4,703,937

(1)

Represents contractual amounts due pursuant to the respective debt agreements.

(2)

Represents noncontrolling interests’ share of debt of 1633 Broadway, One Market Plaza and 300 Mission Street.

(3)

Represents our share of debt of 712 Fifth Avenue, Market Center, 55 Second Street, 111 Sutter Street, 1600 Broadway, 60 Wall Street and Oder-Center, Germany.

(4)

See page 54 for our definition of this measure.

- 39 -


		DEBT ANALYSIS

(unaudited and in thousands)


		Total Debt						Fixed Rate Debt						Variable Rate Debt
Consolidated Debt:		Amount			Rate			Amount			Rate			Amount			Rate
	1633 Broadway	$	1,250,000			2.99	%	$	1,250,000			2.99	%	$	-			-
	1301 Avenue of the Americas		860,000			3.76	%		500,000			2.46	%		360,000			5.56	%
	31 West 52nd Street		500,000			3.80	%		500,000			3.80	%		-			-
	One Market Plaza		975,000			4.03	%		975,000			4.03	%		-			-
	300 Mission Street		273,000			3.65	%		273,000			3.65	%		-			-
	Revolving Credit Facility		-			-			-			-			-			-
Total consolidated debt			3,858,000			3.58	%		3,498,000			3.37	%		360,000			5.56	%
Noncontrolling interests' share			(810,335	)		3.78	%		(810,335	)		3.78	%		-			-
PGRE's share of consolidated debt		$	3,047,665			3.52	%	$	2,687,665			3.25	%	$	360,000			5.56	%

Unconsolidated Joint Venture Debt:
	712 Fifth Avenue	$	300,000			3.39	%	$	300,000			3.39	%	$	-			-
	Market Center		411,580			3.19	%		402,000			3.11	%		9,580			6.77	%
	55 Second Street		187,500			3.88	%		187,500			3.88	%		-			-
	111 Sutter Street (1)		159,276			7.32	%		-			-			159,276			7.32	%
	1600 Broadway		98,000			3.45	%		98,000			3.45	%		-			-
	60 Wall Street (2)		575,000			7.64	%		-			-			575,000			7.64	%
	Oder-Center, Germany		12,976			4.61	%		-			-			12,976			4.61	%
Total unconsolidated debt			1,744,332			5.17	%		987,500			3.37	%		756,832			7.51	%
Joint venture partners' share			(1,118,802	)		5.79	%		(476,475	)		3.43	%		(642,327	)		7.54	%
PGRE's share of unconsolidated debt		$	625,530			4.06	%	$	511,025			3.32	%	$	114,505			7.34	%

PGRE's share of Total Debt (3)		$	3,673,195			3.61	%	$	3,198,690			3.26	%	$	474,505			5.99	%


Revolving Credit Facility Covenants: (4)		Required	Actual			Debt Composition (at PGRE's share):		Amount		%
	Total Debt / Total Assets	Less than 60%		44.5	%	Fixed rate debt:
	Secured Debt / Total Assets	Less than 50%		44.5	%		Consolidated fixed rate debt	$	2,687,665
	Fixed Charge Coverage	Greater than 1.5x	3.13x				Unconsolidated fixed rate debt		511,025
	Unsecured Debt / Unencumbered Assets	Less than 60%		0.0	%		PGRE's share of fixed rate debt		3,198,690		87.1	%
	Unencumbered Interest Coverage	Greater than 1.75x	45.93x			Variable rate debt:
							Consolidated variable rate debt		360,000
							Unconsolidated variable rate debt		114,505
							PGRE's share of variable rate debt		474,505		12.9	%
							PGRE's share of Total Debt (3)	$	3,673,195		100.0	%

(1)

On April 28, 2023, the loan was amended to extend the maturity to May 1, 2024. Additionally, as a result of lower occupancy at the property, the ongoing cash flows generated from the property are being swept into a cash management account controlled by the lender, from which the property related costs and expenses are paid and the shortfall is added to the outstanding loan balance.

(2)

The joint venture that owns 60 Wall Street defaulted on its loan and is currently in negotiations with the lender to modify the loan. The interest rate disclosed above excludes an incremental default rate of 5.00%.

(3)

See page 54 for our definition of this measure.

(4)

This section presents ratios as of June 30, 2023 in accordance with the terms of our revolving credit facility agreement, which has been filed with the SEC. We are not presenting these ratios and the related calculations for any other purpose or for any other period, and are not intending for these measures to otherwise provide information to investors about our financial condition or results of operations. Investors should not rely on these measures other than for purposes of considering our compliance with the revolving credit facility.

- 40 -


		DEBT MATURITIES

(unaudited and in thousands)


Consolidated Debt:		2023				2024			2025			2026			2027			Thereafter			Total
	300 Mission Street	$	273,000		(1)	$	-		$	-		$	-		$	-		$	-		$	273,000
	One Market Plaza		-				975,000			-			-			-			-			975,000
	31 West 52nd Street		-				-			-			500,000			-			-			500,000
	1301 Avenue of the Americas		-				-			-			860,000			-			-			860,000
	1633 Broadway		-				-			-			-			-			1,250,000			1,250,000
	Revolving Credit Facility		-				-			-			-			-			-			-
Total consolidated debt			273,000				975,000			-			1,360,000			-			1,250,000			3,858,000
Noncontrolling interests' share			(188,097	)			(497,250	)		-			-			-			(124,988	)		(810,335	)
PGRE's share of consolidated debt		$	84,903			$	477,750		$	-		$	1,360,000		$	-		$	1,125,012		$	3,047,665


Unconsolidated Joint Venture Debt:
	60 Wall Street	$	575,000			$	-		$	-		$	-		$	-		$	-		$	575,000
	111 Sutter Street		-				159,276			-			-			-			-			159,276
	Market Center		-				-			411,580			-			-			-			411,580
	55 Second Street		-				-			-			187,500			-			-			187,500
	712 Fifth Avenue		-				-			-			-			300,000			-			300,000
	Oder-Center, Germany		-				-			-			-			-			12,976			12,976
	1600 Broadway		-				-			-			-			-			98,000			98,000
Total unconsolidated debt			575,000				159,276			411,580			187,500			300,000			110,976			1,744,332
Joint venture partners' share			(546,192	)			(81,231	)		(135,821	)		(104,831	)		(150,000	)		(100,727	)		(1,118,802	)
PGRE's share of unconsolidated debt		$	28,808			$	78,045		$	275,759		$	82,669		$	150,000		$	10,249		$	625,530



PGRE's Share of Total Debt (2)		$	113,711			$	555,795		$	275,759		$	1,442,669		$	150,000		$	1,135,261		$	3,673,195

Weighted average rate			4.66	%			4.49	%		3.19	%		3.78	%		3.39	%		3.00	%		3.61	%

% of debt maturing			3.1	%			15.1	%		7.5	%		39.3	%		4.1	%		30.9	%		100.0	%

(1)

This loan matures in October 2023. We are exploring various alternatives to refinance this loan.

(2)

See page 54 for our definition of this measure.

- 41 -


		PORTFOLIO SUMMARY – NEW YORK

(unaudited and in thousands, except square feet and per square foot amounts)


											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out of
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
1633 Broadway
	Office		90.0	%		100.0	%		100.0	%	$	183,776	$	81.17		2,272,771		-		2,272,771	Allianz, Morgan Stanley, Warner Music Group, ICBC,
																					Showtime Networks, New Mountain Capital, MongoDB,
																					Bleacher Report, Kasowitz, Benson, Torres & Friedman
	Retail / Theater		90.0	%		96.6	%		96.6	%		10,833		65.63		253,609		-		253,609	Gershwin Theatre, Thespian Theatre, Equinox, Din Tai Fung
			90.0	%		99.7	%		99.7	%		194,609		80.80		2,526,380		-		2,526,380
1301 Avenue of the Americas
	Office		100.0	%		79.5	%		70.0	%		99,510		84.89		1,695,600		-		1,695,600	Credit Agricole, Norton Rose Fulbright, CohnReznick,
																					Swiss Re, Oaktree Capital, ArentFox Schiff,
																					O'Melveny & Myers
	Retail / Amenity Center		100.0	%		89.8	%		89.8	%		2,556		183.52		50,722		-		50,722	Ocean Prime, Starbucks
			100.0	%		79.8	%		70.6	%		102,066		85.95		1,746,322		-		1,746,322
1325 Avenue of the Americas
	Office		100.0	%		93.7	%		93.7	%		50,480		68.17		810,316		-		810,316	McGraw Hill, Olshan Frome Wolosky, Hilton, Evercore
	Retail		100.0	%		96.7	%		96.7	%		1,393		87.88		15,498		-		15,498	La Grande Boucherie
			100.0	%		93.8	%		93.8	%		51,873		68.47		825,814		-		825,814
31 West 52nd Street
	Office		100.0	%		96.4	%		92.8	%		64,387		93.55		742,139		-		742,139	Clifford Chance, Pillsbury Winthrop Shaw Pittman,
																					Centerview Partners, Bracewell, Providence Equity Partners,
																					Wilson Sonsini
	Retail		100.0	%		97.8	%		97.8	%		4,875		109.61		25,913		-		25,913	Fogo De Chao, MoMA Design Store
			100.0	%		96.4	%		93.0	%		69,262		94.12		768,052		-		768,052
900 Third Avenue
	Office		100.0	%		82.4	%		75.4	%		30,872		71.43		575,196		-		575,196	Goldman Sachs, Shiseido, Tannenbaum Helpern Syracuse &
																					Hirschtritt, Littler Mendelson
	Retail		100.0	%		81.7	%		81.7	%		1,334		97.31		16,144		-		16,144	Bank of America
			100.0	%		82.4	%		75.6	%		32,206		72.20		591,340		-		591,340
712 Fifth Avenue
	Office		50.0	%		83.0	%		77.9	%		43,027		120.62		457,581		-		457,581	CVC Advisors, abrdn, OMI Management, Riverstone Holdings,
																					Pictet Asset Management
	Retail		50.0	%		20.9	%		20.9	%		8,030		446.18		85,917		-		85,917	Harry Winston
			50.0	%		73.2	%		68.9	%		51,057		136.21		543,498		-		543,498
1600 Broadway
	Retail		9.2	%		100.0	%		100.0	%		10,551		312.04		25,693		-		25,693	M&M's World
60 Wall Street (3)
	Office		5.0	%	N/A			N/A			N/A		N/A			-		1,625,483		1,625,483

	Subtotal / Weighted average					90.2	%		86.6	%	$	511,624	$	85.84		7,027,099		1,625,483		8,652,582
	PGRE's share					90.5	%		86.8	%	$	457,057	$	83.31		6,479,408		81,437		6,560,845

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 42 -


		PORTFOLIO SUMMARY – SAN FRANCISCO

(unaudited and in thousands, except square feet and per square foot amounts)


											Annualized Rent (1)				Square Feet
		Paramount			%			%					Per		In		Out of
Property		Ownership			Leased (1)			Occupied (1)			Amount		Square Foot (2)		Service		Service		Total		Key Tenants
One Market Plaza
	Office		49.0	%		96.6	%		96.6	%	$	162,673	$	108.61		1,555,424		-		1,555,424	Google, Morgan Lewis & Bockius, Visa,
																					The Capital Group, Autodesk, Citigroup,
																					Duane Morris, Thoma Bravo, PJT Partners
	Retail		49.0	%		74.4	%		74.4	%		5,237		79.04		53,772		-		53,772	Starbucks, STK Steak House,
																					One Market Restaurant
			49.0	%		95.8	%		95.8	%		167,910		107.88		1,609,196		-		1,609,196
Market Center
	Office		67.0	%		79.5	%		79.5	%		53,923		92.07		737,990		-		737,990	Uber, Mindspace, Bank of Communications,
																					Crowe, Mayer Brown, Raymond James, Waymo
	Retail		67.0	%		65.0	%		65.0	%		575		112.37		5,950		-		5,950	Amazon
			67.0	%		79.4	%		79.4	%		54,498		92.20		743,940		-		743,940
300 Mission Street
	Office		31.1	%		80.9	%		80.9	%		47,407		97.18		605,662		-		605,662	Autodesk, Glassdoor, Instacart
	Retail		31.1	%		88.5	%		88.5	%		2,948		66.34		49,172		-		49,172	Equinox
			31.1	%		81.4	%		81.4	%		50,355		94.66		654,834		-		654,834
One Front Street
	Office		100.0	%		91.6	%		91.6	%		51,998		89.85		633,111		-		633,111	JPMorgan, Coinbase, JLL, Cigna
	Retail		100.0	%		97.5	%		97.5	%		1,212		92.77		13,137		-		13,137	JPMorgan
			100.0	%		91.7	%		91.7	%		53,210		89.92		646,248		-		646,248
55 Second Street
	Office		44.1	%		83.3	%		83.3	%		25,962		84.40		370,319		-		370,319	KPMG, Intercom, Rippling, UKG
	Retail		44.1	%		100.0	%		100.0	%		922		113.53		7,480		-		7,480	Sutter West Bay Medical, Bluestone Lane
			44.1	%		83.7	%		83.7	%		26,884		85.09		377,799		-		377,799
111 Sutter Street
	Office		49.0	%		53.5	%		53.5	%		11,659		89.30		248,821		-		248,821	Turo, Natural Resource Defense Council
	Retail		49.0	%		86.7	%		86.7	%		1,668		65.60		29,358		-		29,358	24 Hour Fitness
			49.0	%		57.0	%		57.0	%		13,327		85.42		278,179		-		278,179

	Subtotal / Weighted average					86.6	%		86.6	%	$	366,184	$	97.78		4,310,196		-		4,310,196
	PGRE's share					87.2	%		87.2	%	$	206,046	$	96.61		2,439,764		-		2,439,764

Total / Weighted average						88.8	%		86.6	%	$	877,808	$	90.50		11,337,295		1,625,483		12,962,778
PGRE's share						89.6	%		86.9	%	$	663,103	$	87.08		8,919,172		81,437		9,000,609

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

- 43 -


		SAME STORE LEASED OCCUPANCY

(unaudited)


				As of June 30, 2023						As of March 31, 2023						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % (1)			Leased % (1)			Leased % (1)			Leased % (1)			Leased %


New York:
1633 Broadway		90.0	%		99.7	%		99.7	%		99.7	%		99.7	%		-	%
1301 Avenue of the Americas		100.0	%		79.8	%		79.8	%		79.8	%		79.8	%		-	%
1325 Avenue of the Americas		100.0	%		93.8	%		93.8	%		94.4	%		94.4	%		(0.6	%)
31 West 52nd Street		100.0	%		96.4	%		96.4	%		96.4	%		96.4	%		-	%
900 Third Avenue		100.0	%		82.4	%		82.4	%		78.7	%		78.7	%		3.7	%
712 Fifth Avenue		50.0	%		73.2	%		73.2	%		73.0	%		73.0	%		0.2	%
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A				-	%	N/A				-	%		-	%
Weighted average					90.2	%		90.2	%		89.9	%		89.9	%		0.3	%
PGRE's share					90.5	%		90.5	%		90.2	%		90.2	%		0.3	%

San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		95.8	%		95.8	%		-	%
Market Center		67.0	%		79.4	%		79.4	%		79.4	%		79.4	%		-	%
300 Mission Street		31.1	%		81.4	%		81.4	%		81.4	%		81.4	%		-	%
One Front Street		100.0	%		91.7	%		91.7	%		97.0	%		97.0	%		(5.3	%)
55 Second Street		44.1	%		83.7	%		83.7	%		86.0	%		86.0	%		(2.3	%)
111 Sutter Street		49.0	%		57.0	%		57.0	%		56.0	%		56.0	%		1.0	%
Weighted average					86.6	%		86.6	%		87.5	%		87.5	%		(0.9	%)
PGRE's share					87.2	%		87.2	%		88.7	%		88.7	%		(1.5	%)

Weighted average					88.8	%		88.8	%		89.0	%		89.0	%		(0.2	%)
PGRE's share					89.6	%		89.6	%		89.8	%		89.8	%		(0.2	%)

(1)

See page 54 for our definition of this measure.

(2)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 44 -


		SAME STORE LEASED OCCUPANCY

(unaudited)


				As of June 30, 2023						As of December 31, 2022						Change in
	Paramount						Same Store						Same Store			Same Store
Property	Ownership			Leased % (1)			Leased % (1)			Leased % (1)			Leased % (1)			Leased %


New York:
1633 Broadway		90.0	%		99.7	%		99.7	%		99.7	%		99.7	%		-	%
1301 Avenue of the Americas		100.0	%		79.8	%		79.8	%		88.1	%		88.1	%		(8.3	%)
1325 Avenue of the Americas		100.0	%		93.8	%		93.8	%		94.4	%		94.4	%		(0.6	%)
31 West 52nd Street		100.0	%		96.4	%		96.4	%		93.0	%		93.0	%		3.4	%
900 Third Avenue		100.0	%		82.4	%		82.4	%		79.3	%		79.3	%		3.1	%
712 Fifth Avenue		50.0	%		73.2	%		73.2	%		73.9	%		73.9	%		(0.7	%)
1600 Broadway		9.2	%		100.0	%		100.0	%		100.0	%		100.0	%		-	%
60 Wall Street (2)		5.0	%	N/A				-	%	N/A				-	%		-	%
Weighted average					90.2	%		90.2	%		91.7	%		91.7	%		(1.5	%)
PGRE's share					90.5	%		90.5	%		92.1	%		92.1	%		(1.6	%)

San Francisco:
One Market Plaza		49.0	%		95.8	%		95.8	%		95.8	%		95.8	%		-	%
Market Center		67.0	%		79.4	%		79.4	%		79.4	%		79.4	%		-	%
300 Mission Street		31.1	%		81.4	%		81.4	%		81.4	%		81.4	%		-	%
One Front Street		100.0	%		91.7	%		91.7	%		97.0	%		97.0	%		(5.3	%)
55 Second Street		44.1	%		83.7	%		83.7	%		86.0	%		86.0	%		(2.3	%)
111 Sutter Street		49.0	%		57.0	%		57.0	%		59.4	%		59.4	%		(2.4	%)
Weighted average					86.6	%		86.6	%		87.8	%		87.8	%		(1.2	%)
PGRE's share					87.2	%		87.2	%		88.9	%		88.9	%		(1.7	%)

Weighted average					88.8	%		88.8	%		90.2	%		90.2	%		(1.4	%)
PGRE's share					89.6	%		89.6	%		91.3	%		91.3	%		(1.7	%)

(1)

See page 54 for our definition of this measure.

(2)

In June 2022, 60 Wall Street was taken “out-of-service” for redevelopment.

- 45 -


		TOP TENANTS AND INDUSTRY DIVERSIFICATION

(unaudited and in thousands, except square feet and per square foot amounts)


								PGRE's Share of
					Total			Total			Annualized Rent (1)				% of
Top 10 Tenants:				Lease	Square Feet			Square Feet					Per Square		Annualized
As of June 30, 2023			Property	Expiration	Occupied (2)			Occupied (2)			Amount		Foot (2)		Rent
	JPMorgan Chase Bank		One Front Street	Jun-2025		241,854			241,854		$	20,882	$	86.04		3.1	%
				Dec-2029		76,999			76,999			8,015		104.09		1.2	%
				Dec-2030		25,157			25,157			2,389		94.41		0.4	%
						344,010			344,010			31,286		90.69		4.7	%
	Clifford Chance LLP		31 West 52nd Street	Jun-2024		328,543	(4)		328,543	(4)		29,839		90.81		4.5	%
	Allianz Global Investors, LP		1633 Broadway	Jan-2031		320,911			288,823			28,351		98.16		4.3	%
	Norton Rose Fulbright		1301 Avenue of the Americas	Mar-2032		111,589			111,589			10,206		91.46		1.5	%
				Sep-2034		179,286			179,286			17,716		94.56		2.7	%
						290,875			290,875			27,922		93.37		4.2	%
	Morgan Stanley & Company		1633 Broadway	Mar-2032		260,829			234,749			19,757		84.16		3.0	%
	WMG Acquisition Corp.		1633 Broadway	Jul-2029		288,250			259,428			17,866		68.24		2.7	%
		(Warner Music Group)
	Showtime Networks, Inc.		1633 Broadway	Jan-2026		253,196			227,879			17,040		73.24		2.6	%
	Google, Inc.		One Market Plaza	Apr-2025		339,833			166,518			16,226		97.03		2.4	%
	Kasowitz Benson Torres		1633 Broadway	May-2024		50,718			45,647			3,652		80.01		0.6	%
				Mar-2037		152,676			137,410			10,994		80.01		1.7	%
						203,394			183,057			14,646		80.01		2.2	%
	Uber Technologies, Inc.		Market Center	Jul-2023		234,783	(5)		157,305	(5)		14,331		91.10		2.2	%


		PGRE's Share of
Industry Diversification:		Square Feet		% of Occupied			Annualized		% of
As of June 30, 2023		Occupied		Square Feet			Rent (1)		Annualized Rent
	Legal Services		1,778,529		22.9	%	$	157,597		23.8	%
	Technology and Media		1,681,337		21.7	%		139,993		21.1	%
	Financial Services - Commercial and Investment Banking		1,302,679		16.8	%		109,699		16.5	%
	Financial Services, all others		1,119,792		14.5	%		106,566		16.1	%
	Insurance		437,152		5.6	%		41,591		6.3	%
	Retail		167,477		2.2	%		18,342		2.8	%
	Travel and Leisure		206,823		2.7	%		13,848		2.1	%
	Other Professional Services		120,001		1.5	%		10,879		1.6	%
	Consumer Products		121,732		1.6	%		10,374		1.6	%
	Other		814,645		10.5	%		54,214		8.1	%

(1)

See page 54 for our definition of this measure.

(2)

Represents office and retail space only.

(3)

On June 30, 2023, we entered into a surrender and assumption agreement with JPMorgan whereby JPMorgan (i) assumed, under the same lease terms that we had with First Republic, 344,010 square feet of existing space, and (ii) surrendered the remaining 116,716 square feet of space, which largely represented space that was not being utilized by First Republic, and a majority of which (88,236 square feet) was subleased to various other tenants under lease agreements expiring between 2023 and 2024.

(4)

Includes 105,756 square feet that has been pre-leased to Wilson Sonsini through March 2041.

(5)

Includes 76,667 square feet (51,366 square feet at PGRE’s share) that has been pre-leased to Waymo through July 2028.

- 46 -


		LEASING ACTIVITY (1)

(unaudited)


	Total			New York			San Francisco

Three Months Ended June 30, 2023

Total square feet leased		71,847			59,781			12,066

PGRE's share of total square feet leased:		57,404			53,087			4,317
Initial rent (2)	$	78.14		$	73.92		$	130.00
Weighted average lease term (in years)		10.6			11.3			1.1
Tenant improvements and leasing commissions:
Per square foot	$	128.47		$	138.57		$	4.32
Per square foot per annum	$	12.16		$	12.23		$	3.99
Percentage of initial rent		15.6	%		16.5	%		3.1	%
Rent concessions:
Average free rent period (in months)		11.0			11.8			1.0
Average free rent period per annum (in months)		1.0			1.0			0.9

Second generation space: (2)
Square feet		34,514			30,197			4,317
Cash basis:
Initial rent (2)	$	82.72		$	75.96		$	130.00
Prior escalated rent (2)	$	85.38		$	80.55		$	119.15
Percentage (decrease) increase		(3.1	%)		(5.7	%)		9.1	%
GAAP basis:
Straight-line rent (2)	$	79.07		$	73.18		$	120.30
Prior straight-line rent (2)	$	76.09		$	72.34		$	102.34
Percentage increase (decrease)		3.9	%		1.2	%		17.6	%

(1)

The leasing statistics, except for square feet leased, represent office space only.

(2)

See page 54 for our definition of this measure.

- 47 -


		LEASING ACTIVITY (1)

(unaudited)


	Total			New York			San Francisco

Six Months Ended June 30, 2023

Total square feet leased		267,481			178,748			88,733

PGRE's share of total square feet leased:		227,737			172,054			55,683
Initial rent (2)	$	81.18		$	78.82		$	88.49
Weighted average lease term (in years)		12.4			14.9			4.7
Tenant improvements and leasing commissions:
Per square foot	$	156.83		$	177.62		$	92.58
Per square foot per annum	$	12.64		$	11.92		$	19.71
Percentage of initial rent		15.6	%		15.1	%		22.3	%
Rent concessions:
Average free rent period (in months)		14.0			16.1			7.5
Average free rent period per annum (in months)		1.1			1.1			1.6

Second generation space: (2)
Square feet		178,396			122,713			55,683
Cash basis:
Initial rent (2)	$	82.48		$	79.76		$	88.49
Prior escalated rent (2)	$	84.27		$	83.17		$	86.70
Percentage (decrease) increase		(2.1	%)		(4.1	%)		2.1	%
GAAP basis:
Straight-line rent (2)	$	79.60		$	78.55		$	81.89
Prior straight-line rent (2)	$	78.47		$	73.50		$	89.43
Percentage increase (decrease)		1.4	%		6.9	%		(8.4	%)

(1)

The leasing statistics, except for square feet leased, represent office space only.

(2)

See page 54 for our definition of this measure.

- 48 -


		LEASE EXPIRATIONS – TOTAL PORTFOLIO

(unaudited and in thousands, except square feet and per square foot amounts)


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			9,472		7,016	$	797	$	-		0.1	%

	3Q 2023			210,746		144,846		13,336		92.24		2.0	%
	4Q 2023			131,596		107,188		8,884		82.68		1.3	%
	Total 2023			342,342		252,034		22,220		88.17		3.3	%

	1Q 2024			317,364		263,706		20,943		79.42		3.1	%
	2Q 2024			369,389		345,746		30,656		88.74		4.5	%
	Remaining 2024			255,482		209,269		18,268		87.70		2.7	%
	Total 2024			942,235		818,721		69,867		85.46		10.3	%
		2025		1,601,948		1,070,367		96,379		90.01		14.1	%
		2026		1,385,875		952,831		84,257		86.09		12.4	%
		2027		295,868		219,152		19,721		89.80		2.9	%
		2028		313,800		237,465		19,621		82.72		2.9	%
		2029		606,124		528,050		40,515		82.30		6.0	%
		2030		611,972		515,491		46,979		91.18		6.9	%
		2031		582,186		512,682		50,018		94.06		7.3	%
		2032		896,767		631,917		59,084		93.50		8.7	%
	Thereafter			2,480,595		2,243,401		171,388		82.01		25.1	%

(1)

See page 54 for our definition of this measure.

(2)

Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring in the following quarter.

(3)

Represents office and retail space only.

- 49 -


		LEASE EXPIRATIONS – NEW YORK

(unaudited and in thousands, except square feet and per square foot amounts)


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			2,596		2,421	$	485	$	-		0.1	%

	3Q 2023			13,830		6,916		706		100.08		0.1	%
	4Q 2023			89,532		79,222		5,967		75.04		1.3	%
	Total 2023			103,362		86,138		6,673		77.05		1.4	%

	1Q 2024			164,631		151,832		11,105		73.10		2.3	%
	2Q 2024			295,889		290,818		25,612		88.04		5.4	%
	Remaining 2024			174,724		164,175		13,398		82.06		2.8	%
	Total 2024			635,244		606,825		50,115		82.68		10.5	%
		2025		409,295		349,150		31,694		90.66		6.7	%
		2026		679,523		614,630		49,446		76.74		10.4	%
		2027		168,077		152,924		13,034		85.02		2.7	%
		2028		109,460		93,462		6,519		69.57		1.4	%
		2029		532,721		489,977		37,024		81.51		7.8	%
		2030		407,764		397,048		34,710		87.47		7.3	%
		2031		499,875		454,278		44,537		94.04		9.4	%
		2032		492,354		455,927		38,714		84.91		8.1	%
	Thereafter			2,296,044		2,159,647		162,739		81.09		34.2	%

(1)

See page 54 for our definition of this measure.

(2)

Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring in the following quarter.

(3)

Represents office and retail space only.

- 50 -


		LEASE EXPIRATIONS – SAN FRANCISCO

(unaudited and in thousands, except square feet and per square foot amounts)


			Total		PGRE's Share of
Year of			Square Feet		Square Feet		Annualized Rent (1)				% of
Lease Expiration (2)			of Expiring Leases		of Expiring Leases		Amount		Per Square Foot (3)		Annualized Rent

	Month to Month			6,876		4,595	$	312	$	-		0.2	%

	3Q 2023			196,916		137,930		12,630		91.84		6.2	%
	4Q 2023			42,064		27,966		2,917		104.41		1.4	%
	Total 2023			238,980		165,896		15,547		93.96		7.6	%

	1Q 2024			152,733		111,874		9,838		88.00		4.7	%
	2Q 2024			73,500		54,928		5,044		92.52		2.5	%
	Remaining 2024			80,758		45,094		4,870		108.05		2.4	%
	Total 2024			306,991		211,896		19,752		93.45		9.6	%
		2025		1,192,653		721,217		64,685		89.70		31.5	%
		2026		706,352		338,201		34,811		102.91		17.0	%
		2027		127,791		66,228		6,687		100.86		3.3	%
		2028		204,340		144,003		13,102		91.29		6.4	%
		2029		73,403		38,073		3,491		91.69		1.7	%
		2030		204,208		118,443		12,269		103.59		6.0	%
		2031		82,311		58,404		5,481		94.18		2.7	%
		2032		404,413		175,990		20,370		115.75		9.8	%
	Thereafter			184,551		83,754		8,649		103.39		4.2	%

(1)

See page 54 for our definition of this measure.

(2)

Leases that expire on the last day of the quarter are treated as occupied and are reflected as expiring space in the following quarter.

(3)

Represents office and retail space only.

- 51 -


		CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)


	Three Months Ended June 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	20,117		$	16,004		$	3,778		$	335
Second generation tenant improvements		4,319			2,917			1,402			-
Second generation leasing commissions		2,229			1,715			514			-
Total Capital Expenditures		26,665			20,636			5,694			335
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(1,841	)		(78	)		(1,763	)		-
PGRE's share of Total Capital Expenditures	$	24,824		$	20,558		$	3,931		$	335

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Other	$	6,675		$	6,675		$	-		$	-
Total Redevelopment Expenditures		6,675			6,675			-			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	6,675		$	6,675		$	-		$	-

	Three Months Ended June 30, 2022
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	13,065		$	10,955		$	2,056		$	54
Second generation tenant improvements		12,294			5,426			6,868			-
Second generation leasing commissions		4,180			3,489			691			-
Total Capital Expenditures		29,539			19,870			9,615			54
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(5,085	)		(638	)		(4,447	)		-
PGRE's share of Total Capital Expenditures	$	24,454		$	19,232		$	5,168		$	54

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Elevator modernizations	$	867		$	863		$	4		$	-
Other		515			448			67			-
Total Redevelopment Expenditures		1,382			1,311			71			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(48	)		-			(48	)		-
PGRE's share of Total Redevelopment Expenditures	$	1,334		$	1,311		$	23		$	-

(1)

See page 54 for our definition of this measure.

- 52 -


		CASH BASIS CAPITAL EXPENDITURES

(unaudited and in thousands)


	Six Months Ended June 30, 2023
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	25,779		$	19,992		$	5,431		$	356
Second generation tenant improvements		15,147			5,680			9,467			-
Second generation leasing commissions		3,939			2,271			1,668			-
Total Capital Expenditures		44,865			27,943			16,566			356
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(7,274	)		(298	)		(6,976	)		-
PGRE's share of Total Capital Expenditures	$	37,591		$	27,645		$	9,590		$	356

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Other	$	9,793		$	9,793		$	-		$	-
Total Redevelopment Expenditures		9,793			9,793			-			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		-			-			-			-
PGRE's share of Total Redevelopment Expenditures	$	9,793		$	9,793		$	-		$	-

	Six Months Ended June 30, 2022
	Total			New York			San Francisco			Other
Capital Expenditures (including our share of unconsolidated joint ventures): (1)
Expenditures to maintain assets	$	24,293		$	20,074		$	4,160		$	59
Second generation tenant improvements		25,376			14,503			10,873			-
Second generation leasing commissions		5,389			4,641			748			-
Total Capital Expenditures		55,058			39,218			15,781			59
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(6,758	)		(1,361	)		(5,397	)		-
PGRE's share of Total Capital Expenditures	$	48,300		$	37,857		$	10,384		$	59

Redevelopment Expenditures (including our share of unconsolidated joint ventures): (1)
Elevator modernizations	$	1,964		$	1,928		$	36		$	-
Other		2,832			2,698			134			-
Total Redevelopment Expenditures		4,796			4,626			170			-
Less amounts attributable to noncontrolling interests in consolidated joint ventures		(123	)		(12	)		(111	)		-
PGRE's share of Total Redevelopment Expenditures	$	4,673		$	4,614		$	59		$	-

(1)

See page 54 for our definition of this measure.

- 53 -


		DEFINITIONS

We use and present various non-GAAP measures in this Supplemental Operating and Financial Data report. The following section contains definitions of these measures, describes our use of them and provides information regarding why we believe they are meaningful. Other real estate companies may use different methodologies for calculating these measures, and accordingly, our presentation of these measures may not be comparable to other real estate companies. These non-GAAP measures should not be considered a substitute for, and should only be considered together with and as a supplement to, financial information presented in accordance with GAAP.

Funds from Operations (“FFO”) is a supplemental measure of our performance. FFO is presented in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“Nareit”). Nareit defines FFO as net income or loss, calculated in accordance with GAAP, adjusted to exclude depreciation and amortization from real estate assets, impairment losses on certain real estate assets and gains or losses from the sale of certain real estate assets or from change in control of certain real estate assets, including our share of such adjustments of unconsolidated joint ventures. FFO is commonly used in the real estate industry to assist investors and analysts in comparing results of real estate companies because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO is not intended to be a measure of cash flow or liquidity. FFO attributable to common stockholders represents the Company’s share of FFO that is attributable to common stockholders and is calculated by reducing from FFO, the noncontrolling interests’ share of FFO in consolidated joint ventures, real estate related funds and Operating Partnership.

Core Funds from Operations (“Core FFO”) is an alternative measure of our operating performance, which adjusts FFO for certain other items that we believe enhance the comparability of our FFO across periods. Core FFO, when applicable, excludes the impact of certain items, including, transaction related costs and adjustments, realized and unrealized gains or losses on real estate related fund investments, unrealized gains or losses on interest rate swaps, severance costs and gains or losses on early extinguishment of debt, in order to reflect the Core FFO of our real estate portfolio and operations. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results. Core FFO is not intended to be a measure of cash flow or liquidity. Core FFO attributable to common stockholders represents the Company’s share of Core FFO that is attributable to common stockholders and is calculated by reducing from Core FFO, the noncontrolling interests’ share of Core FFO in consolidated joint ventures, real estate related funds and Operating Partnership.

Funds Available for Distribution (“FAD”) is a supplemental measure of our operating performance and is calculated as Core FFO adjusted for (i) capital expenditures to maintain assets, (ii) tenant improvements and leasing commissions incurred for second generation leases, (iii) straight-line rent adjustments, (iv) amortization of above and below-market leases, (v) amortization of stock-based compensation expense and (vi) amortization of deferred financing costs. FAD is commonly used in the real estate industry along with cash flow from operating activities as a measure of the ability to generate cash from operations and the ability to fund cash needs and make distributions to our stockholders. FAD provides information regarding our operating performance that would not otherwise be available and is useful to investors and analysts in assessing our operating performance. Additionally, although FAD is not intended to be a liquidity measure, as it does not make adjustments for the changes in working capital, we believe that FAD may provide investors and analysts with useful supplemental information regarding our ability to generate cash from operations and our ability to make distributions to our stockholders. Furthermore, we believe that FAD is frequently used by investors and analysts in evaluating our performance as a REIT. FAD attributable to common stockholders represents the Company’s share of FAD that is attributable to common stockholders and is calculated by reducing from FAD, the noncontrolling interests’ share of FAD in consolidated joint ventures, real estate related funds and Operating Partnership.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) is a supplemental measure of our operating performance. EBITDAre is presented in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as GAAP net income (loss) adjusted to exclude interest expense, income taxes, depreciation and amortization expenses, net gains from sales of depreciated real estate assets and impairment losses on depreciable real estate, including our share of such adjustments of unconsolidated joint ventures. EBITDAre provides information regarding our operating performance that would not otherwise be available and may be useful to an investor in assessing our ability to incur and service debt. EBITDAre should not be considered as an indication of our financial performance or a measure of our cash flow or liquidity. We also present PGRE’s share of EBITDAre which represents our share of EBITDAre generated by our consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets.

- 54 -


		DEFINITIONS - CONTINUED

Adjusted EBITDAre is a supplemental measure that is calculated by adjusting EBITDAre to eliminate the impact of the performance of our real estate related funds, unrealized gains or losses on interest rate swaps, transaction related costs, gains or losses on early extinguishment of debt and certain other items that may vary from period to period. Adjusted EBITDAre enhances the comparability of EBITDAre across periods. In future periods, we may also exclude other items from Adjusted EBITDAre that we believe may help investors compare our results. We also present PGRE’s share of Adjusted EBITDAre, which represents our share of Adjusted EBITDAre generated by our consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets.

Net Operating Income (“NOI”) is used to measure the operating performance of our properties. NOI consists of rental revenue (which includes property rentals, tenant reimbursements and lease termination income) and certain other property-related revenue less operating expenses (which includes property-related expenses such as cleaning, security, repairs and maintenance, utilities, property administration and real estate taxes). We also present Cash NOI which deducts from NOI, straight-line rent adjustments and the amortization of above and below-market leases, including our share of such adjustments of unconsolidated joint ventures. In addition, we present PGRE’s share of NOI and Cash NOI which represents our share of NOI and Cash NOI of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We use NOI and Cash NOI internally as performance measures and believe they provide useful information to investors regarding our financial condition and results of operations because they reflect only those income and expense items that are incurred at the property level.

Same Store NOI is used to measure the operating performance of properties in our New York and San Francisco portfolios that were owned by us in a similar manner during both the current period and prior reporting periods, and represents Same Store NOI from consolidated and unconsolidated joint ventures based on our percentage ownership in the underlying assets. Same Store NOI also excludes lease termination income, impairment of receivables arising from operating leases and certain other items that may vary from period to period. We also present Same Store Cash NOI, which excludes the effect of non-cash items such as the straight-line rent adjustments and the amortization of above and below-market leases.

PGRE’s Share of Total Debt represents our share of debt of consolidated and unconsolidated joint ventures, based on our percentage ownership in the underlying assets. We believe that PGRE’s share of total debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes the noncontrolling interests’ share of debt from consolidated joint ventures that is attributable to our partners.

Annualized Rent represents the end of period monthly base rent plus escalations in accordance with the lease terms, multiplied by 12.

Leased % represents percentage of square feet that is leased, including signed leases not yet commenced.

Same Store Leased % represents percentage of square feet that is leased, including signed leases not yet commenced, for properties that were owned by us in a similar manner during both the current period and prior reporting periods and not classified as discontinued operations.

Occupied % represents the percentage of space for which we have commenced rental revenue in accordance with GAAP.

Initial Rent represents the weighted average cash basis starting rent per square foot and does not include free rent or periodic step-ups in rent.

Prior Escalated Rent represents the weighted average cash basis rent (including reimbursements) per square foot at expiration.

Second Generation Space represents space leased in the current period (i) prior to its originally scheduled expiration, or (ii) that has been vacant for less than twelve months.

Capital Expenditures consist of expenditures to maintain assets, tenant improvement allowances and leasing commissions. Expenditures to Maintain Assets include capital expenditures to maintain current revenues. Second Generation Tenant Improvements and Leasing Commissions represent tenant improvements and leasing commissions incurred in leasing second generation space. First Generation Leasing Costs and Other Capital Expenditures include capital expenditures completed in the year of acquisition and the following two years that were planned at the time of acquisition, as well as tenant improvements and leasing commissions on space leased that has been vacant for more than twelve months. Redevelopment Expenditures consist of hard and soft costs related to the development of a property in getting it ready for its intended use.

- 55 -